Digital News Report – During this economic recession many Americans are considering personal loans. HSBC, KeyBank, Bank of America, Chase and Capital One banks all offer personal loans, even to people with less than perfect credit.
Depositors in these banks may receive better terms than non-customers. It is not uncommon for banks to advertise lower rates for customers who have deposits in their lending institution.
We monitor press releases, websites and make phone calls to collect rates and terms. Here is what we found today:
HSBC had a personal loan rate of 9.69%. The rate is dependant on credit score, term of the loan and loan amount. Their personal loans range from 6.995 and 12.39%.
Personal loans have a lower interest rate compared to payday loans. Payday loans are expected to be paid-off in full within the first pay period. Personal loans can have terms from 12 months to 72 months.
Key Bank had rates starting at 6.29%. Bank of America had rates starting at 3.09%. Capital One had rates starting at 3.1%. Chase had rates starting at 4.67%.
Secured loan interest rates are usually lower than unsecured loan rates. Banks will allow borrowers to secure their loan with a car, boat or other valuable.
There is no requirement that a bank make a loan, according to the Comptroller of the Currency, Administration of National Banks. “We encourage national banks to make prudent loans to sound borrowers, but we cannot require banks to extend credit to individuals or businesses,” the government agency said in a statement.
Check your credit history for accuracy before applying for a loan. If you find inaccurate information contact the credit reporting bureau for help making changes.
By Tina Brown