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Digital News Report – Banks offer a wide variety of loan products including personal loans. This week Bank of America and Chase lowered their personal loan rate and then raised them.
There are several types of personal loans, including secured and unsecured. The interest rate will depend on the borrower’s credit history, loan amount and the term of the loan.
Last week Bank of America had a personal loan rate of 2.99%. This week the bank raised their minimum rate to 3.09%.
Some banks will offer a lower rate to customers who make a deposit. Also, secured personal loans will also carry a lower interest rate. Compared to an unsecured personal loan, a car loan will usually have a lower rate.
Chase raised their minimum rate from 4.24% to 4.79%.
Wells Fargo offered personal loans at a rate of 15.10%. Their minimum rate was 4.49% and their maximum rate was 18.74%.
Northern Trust had a published rate 7.5% this week.
Interest rates are subject to change without notice.
By Tina Brown