Digital News Report – There are several types of personal loans from various lenders. Personal loans carry a lower rate than payday loans and can be paid off over time. Typically a personal loan will require a credit check while a payday loan doesn’t.
Mortgage interest rates have been increasing but most banks have held their personal loan rates steady. There are several personal loan brokers including Quicken Loan and American Unsecured Loans. Brokers can evaluate the borrower’s credit history and shop for the loan.
Citibank had a rate of 10.49% on their unsecured personal loans. Depending on the loan amount and credit history, that rate could be as high as 25.49%.
HSBC had rates starting at 6.99%. Their top rate was 12.39%.
Auto loans will have a lower interest rate. Some lenders will also refinance cars, boats and other valuables possessed by the borrower.
Nationwide had rates starting at 6.45%.
American Unsecured says that offer loans with “minimal documentation”. In most situations there is no annual fee and no pre-payment penalties. This allows barrowers the opportunity to pay-off the loan before the end of the term.
By Tina Brown