You perhaps want to apply for a personal loan from a bank for a number of reasons. You might require money for a particular project, such as home renovations, or a loan to pay off high-interest credit cards. However, not every bank provides personal loans. Even some sizable financial institutions, like Chase Bank and Bank of America, don’t. You may need to have good or excellent credit in some cases to meet the banks’ stricter credit requirements.
You probably won’t get the best rates if you qualify for a loan but have a lower credit score. But there are personal loan options for people with bad credit even if they have to pay higher rates. Consider personal loans from credit unions or online lenders if you are dissatisfied with the personal loan options offered by banks. It’s crucial to do your research on whether or not you apply for a personal loan from a bank. If your loan application is accepted, carefully read the loan agreement; if there is anything you don’t understand, don’t be afraid to ask questions. Knowing that you chose wisely will make it easier for you to sleep.
If you’re looking for a no-fee personal loan for financial debt consolidation, a Marcus by Goldman Sachs personal loan is a good option. In order to help ensure that funds are used to directly eliminate your debt, Marcus will ask you if you’d like to use direct payments to send money to up to 10 creditors after you’re approved for a debt consolidation loan. This option can help you avoid any hidden fees.
You’ll need to give your creditors’ account numbers, addresses, and the amount or amounts you’d like paid if you decide to use this option. Marcus deposits any leftover funds into the associated bank account. Direct payments are free to use. Even if you’ve already given the money from your loan to a creditor, you should make all necessary payments on your balance until you see your debt is paid off. You might have to wait up to a billing cycle for the payments to appear on your account, but you don’t want to accidentally miss a payment and incur additional interest or late fees.
Marcus also provides personal loans for cross-country moves, weddings, vacations, and home improvements. The maximum fixed-rate loan that qualified borrowers may obtain is $40,000. When you sign up for autopay, Marcus offers personal loans with competitive APRs ranging from 6.99% to 19.99%. The terms range in duration from 36 to 72 months. Additionally, it provides high-yield savings account with a competitive APY, assisting you in earning and conserving money for important purchases. Marcus, in contrast to LightStream, offers a soft inquiry feature on its website that enables you to review potential loan alternatives based on your credit report without having an adverse effect on your credit score.