Bad Credit Unsecured Personal Bank Loans – No Help from Bank of America
Posted on | December 3, 2009 | No Comments
A bad credit unsecured personal bank loan is something that can help many borrowers and the bad financial position. Unfortunately, you will get no financial help from Bank of America in the form of a personal loan. Bank of America stopped offering personal loans on October 31, 2009 and it is very possible that many other banks are going to follow in their footsteps.
Bank of America has a great deal of bad loans on their books and they do not want to continue this process into the future. By purchasing Countrywide Bank of America has a huge amount of exposure to subprime mortgages. It is going to take them many years to get these mortgages off the box and it is very possible that a large percentage of these mortgages will never be paid back.
With this being the case Bank of America realizes it is not a good idea to continue to offer personal loans. There many other banks that continue to offer personal loans including Wells Fargo and CitiGroup. There’re many regional and community banks that also offer this service so it would be a good idea to do your research and see if your bank can help you.
If you plan on getting a bad credit unsecured personal loan please understand that there is likely to be a high interest rate on this loan. If you truly have bad credit and you’ve seen your credit score drop over the last several months then there’s a good chance that the interest rate on this loan to be 25% or higher. Do not be surprised if this is the case when you apply for a personal loan.
As with any financial decision, it is very important that you do your homework and find out the best options available for you. While you will not have the interest rate on your personal loan until you apply you might be able to find out which lenders will better help you get the money you need.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Alan Lake
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