Bad Credit Unsecured Personal Loans – Capital One, Chase, Citi and Wells Fargo Quick Loan Options
Posted on | June 28, 2010 | Comments Off
Bad credit unsecured personal loans allow many Americans the opportunity to borrow up to $15,000 for large purchases. Some of the major banks that currently offer personal loans include Capital One, Citi, Chase and Wells Fargo. It is important to note that Bank of America does not offer personal loans.
At the present time the average interest rate for a personal loan is between 12% and 18%. It is important to understand that these are the interest rates that are available for those with decent credit. If you currently have a bad credit score, below 650, you will find it very hard to get rates in this range.
To get the best possible interest rates for a personal loan you will need a credit score above 740 and a debt to income ratio that is less than 40%. The lower your credit score the high the interest rate offer will be. Do not be surprised to see interest rate offers over 20% for some bad credit borrowers.
WIth Capital One, Chase, Citi and Wells Fargo offering personal loans it should not be difficult to find a lender in your area. Please note that these are not the only option as there are a large number of banks and financial institutions that will over a personal loan.
Author: Mike Garner
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