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Published at July 15, 2016 by Ana-Maria Sanders
Personal Loans are sometimes defined as unsecured loans that require no collateral. They can be used for any purpose or any need - vacations, business expenses, home repairs, medical bills or anything else. To determine your eligibility for a Personal Loan, a lender usually consults your credit score.
A wide variety of lenders offer Personal Loans, including traditional banks. Below is a sampling of several well-known banks andthe Personal Loan options they offer. Note: The following is for informational purposes and should not be taken as accurate or definitive.
The Hongkong and Shanghai Banking Corporation Limited is the world’s fourth largest bank. HSBC has over 6,000 offices around the world. HSBC offers unsecured Personal Loans between $5,000 and up to four times your yearly income. Some borrowers can get repayment terms of up to seven years.
Applicants must be between 21 and 65 years old and have a verifiable income. If a potential borrower is approved for a loan, an HSBC loan account will be opened along with an additional account for the repayment of the funds. When we checked, interest rates started as low as 3.8% for HSBC’s personal loans.
Housing Development Finance Corporation is an Indian bank with a limited presence abroad. The bank offers “1 minute eligibility” online and at bank branches. The availability of their Personal Loans depends several factors:
While researching this article, HFDC’s APR Interest rates on Personal Loans ranged between 11% and 22% with an average of 14%. The loan processing charges are typically 2.50% of the loan, with a minimum charge of $15 and a maximum charge of $3,700. Personal Loans are repaid in monthly installments.
Founded in 1812 as the City Bank of New York, Citibank is the consumer arm of the multinational Citigroup which offers a wide range of financial services. Citibank offers unsecured Personal Loans from $2,000 up to $50,000. Applicants must have an annual income of at least $10,500.
Once you are approved for a Citibank Personal Loan, a check is mailed to you within five business days. From what we saw, their APR ranges between 8.99% to 16.49% and loan repayment takes place over the course of 12 months to 60 months. In addition to the minimum income requirement, you must meet the following criteria to qualify for a Citibank personal loan:
Founded as the High Street Bank in Providence, Rhode Island, this American bank still has its headquarters in Rhode Island and is the 13th largest bank in the US. Citizens Bank offers Personal Loans from $5,000 to $50,000 with customizable interest rate and repayment terms.
Although Citizens Bank’s Personal Loans have no upfront fees, a strong credit history is necessary along with a minimum annual income of $24,000 and a valid US bank account. Documents can be e-signed and uploaded for faster approval. Once you are approved, the money is then deposited directly into your account.
The interest rate, APR, and monthly payments depend on the amount you borrow. For example, if you borrow $10,000 at a fixed interest rate and pay it back over the course of 5 years, the interest rate and APR would both range between 6.74% and 15.99%. Your monthly payment would be between $200 and $250. With a variable interest rate on the same loan amount ($10,000), the range would be between 5.99% and 15.94% and the repayment amount would be between $190 and $240 each month.
The third largest bank by assets in the US, Wells Fargo is headquartered in San Francisco. Wells Fargo offers “No Collateral” Personal Loans between $3,000 and $100,000. You can be approved in as little as 15 minutes and some borrowers can receive their funds as soon as the same day. The actual APR depends on the loan amount, your credit history, repayment terms, and your ability to repay the loan.
Through our research while preparing this article, with a $10,000, 3-year term loan, the maximum APR would be 19.99%. Well Fargo offers fixed terms, fixed rates, and fixed monthly payments as well as no loan origination fees and no prepayment fees. Potential borrowers with existing Wells Fargo checking accounts may qualify for a relationship discount.
Specializing in credit cards and loans, Capital One is the 8th largest banking company in the US. The company was spun off from the Virginia-based Signet Financial Corp in 1994.
Very little information is offered online regarding Personal Loans from Capital One. That could partly be because Capital One’s personal loans are offered only in person at their branches.
When applying for a Capital One Personal Loan, you are asked for your personal and financial information then they check your credit history. The interest rate that you get depends largely on your credit score. For borrowers with low credit scores, Capital One offers a range of subprime loans. The Personal Loans are repaid on a monthly basis, with most borrowers repaying their loans within 18 months.
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