A personal loan allows you to borrow a lump-sum to pay for expenses and offers monthly installments for repayment. Your interest rate and monthly financing terms are dependent upon credit score, credit history, annual income and debt-to-income ratio.
Personal loans can be used for just about anything you are needing to fund. This includes paying off other debt, financing home improvement projects, family vacations, or big events like a wedding or adoption.
While personal loans can be used to purchase a vehicle or fund home renovation projects, the main difference between these types of loans is that a personal loan is unsecured. This means that there is no collateral provided to receive the funds, similar to a credit card. On the other hand, auto and home equity loans are secured loans with specific collateral.
Our experienced lenders are here to guide you every step of the way. They are here to help or answer any questions specific to your financial situation!