Using a Bank to get an Unsecured Personal Loan

While it is getting harder and harder to find an unsecured personal loan, it is not impossible. Unsecured personal bank loans or signature loans are available with your local bank. Naturally, it will help if you have a relationship with your local bank.

These loans are just as the name implies, unsecured, meaning there is no collateral that the bank is holding the note on. Typically an unsecured personal loan will have a higher rate than a secured loan since they are a bigger risk for the bank. This higher interest rate is not always the case. The rate you are able to procure will depend on how good of a relationship you have with your local bank and how long you have been doing business with them.

If you are interested in an unsecured personal loan then you should talk to your bank's lending officer and see what they offer you. If the rate is not desirable to you, shop around. It may also do you some good to inform your bank's lending officer that if they can not offer you a decent rate that you will go elsewhere.

When you do receive an unsecured personal loan from your bank, be sure to read carefully and understand all terms and charges in association with your unsecured personal loan. 

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