Other Personal Loans
There are many types of personal loans available to Core Bank customers. Take a look at some other types of personal loans we offer and find the one that’s right for you!
Find the Right Loan for You
The sheer amount of loans and their subtle differences may seem overwhelming. Allow Core Bank to help you sift through your options. We’re committed to helping you find the right personal loan to fit your individual needs!
Other Personal Loan Options
If you haven’t found the right personal loan for your needs already, Core Bank has you covered. Take a look at the additional loans we offer and find the solution that best suits you!
Unsecured/Secured
A secured loan is tied to a piece of collateral, such as a car or home, that the lender may take possession of if you don’t repay the loan as agreed. Common types of secured loans include car loans and mortgages.
An unsecured loan isn’t protected by collateral, so even if you default on the loan, the lender doesn’t automatically get possession of your property. Unsecured loans include student loans and credit cards.
Because of the collateral attached, secured loans are typically easier to get, carry lower interest rates, and have higher borrowing limits. These small personal loans are useful for individuals with a poor credit history or are looking to rebuild credit.
Fixed Rate/Variable Rate
Fixed rate loans have interest rates that remain the same over the life of the loan, allowing the borrower to have standardized monthly payments. On the other hand, the interest rate on variable rate loans fluctuates based on an ever-changing index. In general, variable rate loans tend to have lower interest rates because they present more risk to the consumer.
Debt Consolidation
With a debt consolidation loan, a consumer takes out a new loan to pay off other liabilities and debts, essentially rolling multiple debts into one larger piece of debt. These loans may carry a lower interest rate, helping to reduce and reorganize total debt. Debt consolidation loans can be secured or unsecured.
Cosign
With a cosign loan, a secondary borrower signs jointly with the primary borrower, serving as an additional repayment source and reducing risk for the lender. This can help the primary borrower obtain more favorable terms they may not have been able to secure on their own.
Personal Line of Credit
Similar to a credit card, a personal line of credit bank loan gives the borrower a specific amount of money that can be used for any purpose as needed. Because these small personal loans are unsecured, they generally require a good credit score—often over 700—to obtain.
How to Get a Personal Loan
The application process varies for different loans, so it’s best to have an expert to help you. At Core Bank, we not only understand the subtle differences between the different personal loans, but how to apply for them and have the highest chance of getting approved. Get in touch with Core Bank so we can help you today!
Personal Loan Faqs
How do I know which type of small personal loan is right for me?
All personal loans have pros and cons based on your situation. If you have a seasoned professional to help you sift through them, you can find the best option and achieve your financial goals. Let our team at Core Bank help you find your ideal personal loan!
How does my credit score affect the type of loan I can apply for?
The higher your credit score, the more likely you’ll be approved for a personal loan. You will also likely get better interest rates. A low credit score might make applying for some loans difficult, though having a cosigner will typically improve your chances of getting approved.
What can I use my personal loan for?
This varies from loan to loan. Some, such as personal lines of credit, can be used for any purpose. Others, like debt consolidation loans, have specific uses. Your lending professional at Core Bank can help you determine which loan is right for you depending on what you intend to use the funds for.
How many personal loans can I have at one time?
Technically, there is no limit to how many personal loans you can have at once. If you have a good credit score and a strong history of on-time payments, lenders may be willing to approve multiple loans at the same time. You must be extremely organized to take on multiple small personal loans and ensure all payments are made on time.
What is the interest rate on personal loans?
The interest rate varies based on multiple factors, including the type of loan you’re applying for, your credit score, annual income, payment history, and debt ratios.
How do personal loans affect your credit score?
Personal loans can hurt or help your credit score depending on how you manage them. If you make your payments on time and establish a positive payment history, you can increase your credit score. However, lenders must perform a credit check on you any time you apply for a line of credit, which decreases your credit score. In addition, missed payments can significantly damage your score.
Contact Core Bank
Want to learn more about the different types of personal loans and which are best for you? At Core Bank, we’re committed to helping each and every customer find the perfect loan to meet their unique needs. Which is right for you? Get in touch with us and find out today!
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