Digital News Report – Personal loans can sometimes be difficult to get, especially if the borrowers has a bad or poor credit history.
There are two types of personal loans. Some loans are secured and backed by collateral. The collateral could be a car, home, boat or other valuable. Unsecured loans will usually require less paperwork but will include higher interest rates.
Northern Trust had a rate of 7.5 percent. The interest rate may vary according to collateral and credit history.
Today Chase bank is offering personal or car loans for 5.02 percent.
Bank of America has a personal loan rate of 3.09 percent.
The loan rates for these banks remained steady throughout the week. They were unchanged.
Unlike payday loans, these loans can be paid off over time. They do not have to be paid back on your payday. There are unsecured personal loans available for people with bad credit.
We also checked two other bank rates today:
1) Metropolitan National Bank of Arkansas published a rate of 6.73 percent today.
2) Independence FSB of Washington DC published a rate of 5.50 percent.