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How to get a loan from bank without collateral

By on January 12th, 2020 Under LOAN | Download Naija Music

Whether it’s a personal loan to purchase a car, consolidate debt, finance a business or make home improvements, applying for a personal loan from a bank can be a way to build your credit and pay for what you need.

To get a personal loan from a bank, you’ll generally need to be an existing customer with good credit, says Jamie Young, personal finance expert at Credible, an online loan marketplace. 

“If you bank with Chase, Bank of America, or Capital One, you’ll have to look elsewhere — they don’t offer personal loans,” says Young. “Goldman Sachs Bank offers an online application process through its Marcus brand, and it’s also easy to request rates from SunTrust Bank’s online lending division, LightStream.”

Note that banks face more regulations than online lenders, so “as a result, they have the strictest lending standards,” says Priyanka Prakash, lending and credit expert at Fundera. “Online lenders are a lot more flexible. They place less importance on credit and more importance on your ability to pay back a loan. That means income is paramount.”

READ  Is Using a Personal Loan to Invest a Smart Move?
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