A personal loan is a long-term financial product. When applying for a personal loan, you get access to the entire amount and will return it through monthly payments, consisting of a part of the loan amount and interest on the loan. A personal loan is universal, as it can be used for various purposes, from the purchase of necessary household appliances to a vacation or a wedding. When you take out a personal loan, you decide what to do with your money.
How does a personal loan work?
After applying for a personal loan, you receive the full amount in your account. Our bank offers personal loans ranging from $2,500 to $38,000. You choose the amount you need, but we reserve the right to check your income to make sure you can pay it off.
We provide personal loans with a fixed rate and without collateral. Therefore, we need to be sure that this transaction will be profitable and comfortable for both you and us.
Interest rates from Markesan State Bank may vary depending on the amount borrowed and the client’s credit account. Our interest rates range from 6.2% to 21.7%.
Despite the fact that credit history is an important part of the financial relationship between the bank and the borrower, we are ready to consider issuing personal loans for people with bad credit history. However, please note that the interest rate, in this case, may be higher than 14.2%.
The terms of a personal loan may vary depending on your desires and the amount you borrow. We offer personal loans for terms ranging from 9 months to 54 months.
Requirements for a personal loan
The requirements for obtaining a personal loan differ little from the requirements for obtaining any other loan. We only work with individuals over the age of 18 with a credit score of at least 650. You will also need the following:
- Loan application
- Proof of identity
- Employer and income verification
- Proof of address
Why can a personal loan application be rejected?
Every day we receive a large number of applications for personal loans. Unfortunately, not all of them can approve.
Often, borrowers do not completely fill out a loan application, and we are forced to reject it due to a lack of data. Therefore, before sending, make sure that you have filled in all the required fields of the application. In addition, a personal loan application may be rejected due to the following:
- Not long enough credit history.
- Too high a debt-to-income ratio.
- Too low credit score.
- Not enough income for the specified amount for which the borrower wants to get a loan.
If your application was rejected, first of all, make sure that it was filled out correctly. You can also review the declared loan amount. We also recommend that you check your credit score and make sure that there are no errors in your credit history. This happens from time to time, and after they are eliminated, the credit score improves.
In addition, you can always contact our manager, who will help you solve your problems.