Digital News Report – While homeownership is decreasing again, there is still a strong demand for personal loans.
Personal loans include secured and unsecured. The Federal Reserve reported last week that non-revolving consumer debt increased in November while the Commerce Department reports that homeownership is declining.
The Federal Reserve says personal loans increased at an annual rate of 4.2% in November. Last week the Federal Reserve (FOMC) kept the federal funds rate at a range between 0.0% and .25%.
In some instances, banks will encourage borrowers to refinance their car. Bad credit auto refinance loans have become more popular as lending standards become more stringent.
Bank of America had a personal loan rate starting at 2.99%. These are not payday loans.
It may help to be a customer of the bank before taking out a loan. Some banks encourage borrowers to open a bank checking or savings account.
Chase had rates starting at 4.44%.
SunTrust had rates starting at 3.99%.
By: Tina Brown