Digital News Report – With the downturn in the economy, personal loans have become a popular product for banks and other lenders.
There are two basic types of personal loans: secured and unsecured. There are also personal loans for new and used cars and some banks offer auto refinancing.
SunTrust Bank had a rate of 3.99 percent today. This was their low rate. The upper rate was 12.99 percent.
Nationwide Bank is offering a personal loan for 6.45 percent today. The bank does not publish a high and low offering.
Rates may vary according to credit history. If you have a good credit score, the interest rate will likely be lower. Car loan rates may vary from personal loan rates.
Harris Bank has a personal loan rate for 5.5 percent. Key Bank had a rate of 6.14 percent.
Secure loan rates are lower than unsecured. Borrowers can use boats, cars and homes for collateral.
If possible, check your credit history before applying for a loan. Watch for mistakes and talk with a professional advisor before signing the documents.
By: Tina Brown