Personal loans are ideal for anyone who wants to finance a large purchase or consolidate debt without putting up any asset, such as a home or vehicle as collateral. Here’s why a personal loan makes a good choice:

Versatility

One of the biggest advantages of taking a personal loan is versatility. A personal loan can be used for any purpose, unlike a car, mortgage, or student loan. You can use the loan amount to pay medical bills, cover car repairs, go on a dream vacation, and much more.

Interest Rates

Compared to credit cards, the interest rates for personal loans are pretty decent. For most creditworthy consumers, the interest rates are usually between 5 to 6 percent.

Multiple Lenders

When it comes to personal loans, you can get one not only from banks but also from credit unions and online lenders. Once you find the best rate, approval, and receipt of funds usually takes only a few business days.

No Collateral

Most personal loans do not require you to use your assets for the loan to be secured. If you have poor credit, you can get the desired loan through a bad credit lender, although the interest rates will be high.

How to Apply

The process of applying for a personal loan is similar to that of applying for a credit card. You’ll need to provide the lender your personal and financial information, along with details of your desired loan. The lender will run a hard credit check before approving your loan. Generally, the eligible credit score required is 600 or more. If you meet the requirement, you will receive the funds all at once, post which the repayment process will start. As personal loan interest rates are fixed, you’ll pay fixed monthly fees until your loan is paid off.

Below are two options you can consider:

Citibank Personal Loan Benefits

– Get a fixed rate ranging from 7.99% APR – 17.99% APR.

– Loans range from $2,000 to $50,000.

– Get a lump sum payout and repay your loan over 12, 24, 36, 48, or 60 months.

– Earn monthly ThankYou Points and redeem them for gift cards from your favorite retailers, travel rewards, cash rewards, and much more.

PNC Personal Installment Loan – Unsecured

– No collateral is required for unsecured loans.

– Regular, fixed monthly payments.

– No prepayment penalty.

– Various repayment terms are available.

– Apply online, by phone, or at a branch.

Note that loans are subject to approval. You cannot use loan proceeds to pay for postsecondary educational expenses or to refinance student loan debt. The Personal Installment rates offered include a 0.25% fee for setting up an automatic payment from a PNC Checking account at loan closing. Displayed rates are offered to well-qualified applicants. Your actual APR may be higher and based upon several other qualifying factors.