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Digital News Report – Personal loans can be especially difficult to acquire especially if the borrower has a poor or bad credit score. Personal loans can be either secured or unsecured. While secured loans may carry a lower interest rate, they will also require more paperwork.
Unlike payday loans, personal loans can be paid off over time. Payday loans usually require payment in full on or around the borrowers pay day.
Some banks still offer unsecured personal loans but their interest rate will depend on the loan amount and the borrower’s credit score.
Here is a list of some of the current rates:
Wells Fargo offers personal loans. The bank’s rate can be as low as 6.24% and as high as 28.49 percent.
Northern Trust offers personal loans for 7.5%. The bank’s rate may depend on credit history.
Kaiser Federal Bank also offers personal loans. Their rates range from 5.24% to 18.25%.
Banks offer all sorts of personal loans, including loans for cars, boats and debt consolidation. New car loan rates may be different from used car loan rates.
By: Tina Brown