Bad Credit Unsecured Personal Loans – Bank of America Unattainable in 2010
Posted on | February 11, 2010 | No Comments
If you are looking for a bad credit unsecured personal loan then you will have to look other places than Bank of America. On October 31st, 2009 Bank of America exited the personal loan business as they changed their business strategy. Many borrowers who think about going through the personal loans process are subprime borrowers and Bank of America did not want any more bad loans on their books.
There are many other major banks that are currently offering personal loans. It has been interesting to see that no other major bank has stopped offering personal loans since Bank of America stopped. Many analysts felt that some other banks might follow suit of Bank of America but this has yet to happen as almost all banks still offer personal loans.
If you are seeking a personal loan you can expect to get an interest rate between 12% and 18%. It is important to note that this is the range for borrowers who would be consider average credit borrowers. If you have a credit score that is well below 650 you are going to find that the interest rate on your personal loan is going to be in the high end of this range.
If you are a true subprime borrower and you have a credit score in the 500s or below then you are going to see very high interest rates on a bad credit unsecured personal loan. You are probably going to find it hard to qualify with many lenders as you have proven to be a bad credit borrower.
Author: Jeremy North
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