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Digital News Report – Personal loans can help people pay-off cars, medical bills or other emergencies. There are advantages of an unsecured personal loan over a payday loan and secured mortgage.
Personal loans can be paid off over time and don’t require the paperwork a secured loan requires. Also, the borrower does not need to place a home, boat or other valuable up for collateral.
The interest rate may vary according to credit score, loan amount and lender. A bad credit history could make it more difficult to get a personal loan. The history could also affect the interest rate.
Capital One is offering personal loans starting at 2.92 percent. The bank is known for their credit cards but they also offer personal loans.
Wachovia, a wholly owned subsidiary of Wells Fargo, also offers personal loans. Their rate has not changes this week. The bank offers personal loans from 6.99 percent to 11.24 percent.
Key Bank had a rate 6.14 percent this week.
Personal loans, sometimes called signature loans, are usually for smaller amounts of money. The loan amount may start at $500 and go up to $25,000 or more, depending on the lending institution.
By: Tina Brown