In this article, you will get to know about personal loans and what are the Sources for Personal Loan.
Today, most Americans cannot obtain a personal loan from a bank or other financial institution. In fact, in most parts of the country, you are not even legally allowed to get one. That’s because new regulations known as the “loan-gift loophole” were put into place years ago. They essentially say that if a bank or other financial institution uses the services of a third party — like an independent financial advisor or loan officer — then it is okay for the financial institution to refuse to give you a personal loan.
The result? Today, only 5 percent of Americans can own their own homes. And with good reason: According to the National Association of Realtors, more than half of all existing home buyers could not afford their first homes in 2007. That’s why getting a personal loan is so important today. It not only makes sense as a stress-relieving and confidence-boosting tool, but it can also be used to build your credit score and qualify for better loans down the road.
Here are some great sources for Personal Loan:
1. Bank of America
If you want to go with the tried-and-true bank, Bank of America offers several different types of personal loans, including short-term and long-term. In fact, the bank even offers a special introductory rate of 3 percent for new customers who make less than $1,000 in a month. You can also get a variety of different loan types, including variable and fixed-rate loans. The best part is that if you currently have a credit card, you can switch to the Bank of America credit card and reap the same benefits. It’s a no-brainer if you’re planning on buying a house in the next few years.
2. Wells Fargo
Wells Fargo is another well-known name and one of the best Sources for Personal Loan in the personal loan business. The bank offers a variety of different loan products, including fixed- and variable-rate loans. The good news is that Wells Fargo’s rates are typically lower than other banks, and you can even get a no-interest loan if you have bad credit. But don’t just take our word for it — check out these reviews from former customers. One reviewer wrote, “I always feel foolish applying for loans. I’ve always been hesitant about applying for credit as well, but when I did, Wells Fargo was a pleasure to work with.”
Citibank might not be as well-known as Bank of America and Wells Fargo, but that doesn’t mean that it’s not a reliable source for personal loans in the Big Apple. The bank offers a variety of different loan products, including variable and fixed-rate loans. The rates are typically lower than many of the other big banks in the city, and you can even get a no-interest loan if you have bad credit.
4. Capital One
If you’re looking for a no-risk way to get your finances in order and make sure that you have a steady source of cash to put toward your purchase of a home, consider looking into the Capital One Venture account. The Venture account is a no-interest personal loan, and you can even get it for student borrowers. But the best part is that the Venture account doesn’t require a credit check, making it an ideal option for people with bad credit.
5. Ally Financial
Ally financial is one the Sources for Personal Loan. If you’re looking for an established and reliable source for personal loans, look no further than Ally Financial. The company offers a variety of different loan products, including variable and fixed-rate loans, as well as zero percent financing on select mortgages. The good news is that rates are typically lower than those at other banks, and you can even get a no-interest loan if you have bad credit.
6. State Bank of India
If you’re looking for a no-frills, no-kidding kind of financial institution, then the State Bank of India is the perfect bank for you. It doesn’t issue credit cards, doesn’t charge interest, and doesn’t even issue checks. Instead, the bank just lets you borrow money from a wide variety of different depositories. The only rule? You can’t break the law.If you want a personal loan and you are applying to the state bank of India then it is a very easy process and rate of interest is also very low.
The Bottom Line
No one ever said getting a personal loan would be easy. In fact, it can be one of the most stressful and anxiety-inducing experiences you’ll ever face. Thankfully, you can get help and advice from the following Sources for Personal Loan: Your friends and family Your financial advisor Your local community college Your employer Your university Your nearest hospital Your favorite online retailer (e-commerce,tech,auto,etc.) Your local credit union Your local mortgage lender Your local real estate agent Your state But remember, everyone has a bad day. And no one ever said getting a personal loan would be easy.