BayCoast Bank offers personal loan options for those times when you need quick access to some extra cash. Personal loans can be used for large purchases, debt consolidation, emergency expenses and more! The loans are paid back in monthly installments over the course of months or years, depending on your loan’s terms.
Benefits of a Personal Loan
Build Your Credit.
Under the right circumstances, a Personal Loan can be beneficial to a borrower. Fox example, Personal Loans can help you build credit. When you take out this type of loan, you are required to make regular monthly payments towards the outstanding balance. Lenders will report your payment record to the three major credit bureaus: Equifax, Experian and TransUnion. When you get a Personal Loan, or any type of loan, you’ll want to be sure your payments stay current. This helps build your credit history and improve your credit score.
If you have several outstanding debts, including balances on high interest credit cards, you may want to consider consolidating that debt into a single payment with a Personal Loan. Having the convenience of just one payment may be easier for you to remember, helping you keep those payments on track. Depending on your credit score, a Personal Loan may offer a competitive interest rate as compared to high interest credit cards.
Personal Loans Available from BayCoast Bank
Unsecured Personal Loans
Our unsecured Personal Loan offers fast access to the money you need, at a fixed rate of interest. With this type of Personal Loan, you won’t be required to put up collateral. That means you won’t need to risk losing a valuable asset – such as your car – if you default. But keep in mind, an unsecured loan may offer a higher interest rate, because it carries more risk for the lender.
Savings Collateral Loans
With a Savings Collateral Loan, you may borrow against the deposit balance in your BayCoast Bank Passbook Savings account, Statement Savings account or Certificate of Deposit (CD). So essentially, you’re borrowing against money you already have in your account. This type of loan may be a smart way to build your credit history, but only if your monthly payments are made on time.
Is a Personal Loan Right for You?
A Personal Loan may be Just Right® for you if:
- You have a higher credit score, which may result in a more competitive interest rate
- You want to consolidate several high interest debts into one single payment
- You’re making renovations that will add value to your home.
BayCoast Loan Payments
Making your loan payments on time can help build up your credit history. Learn how to make fast and easy BayCoast loan payments online. Visit us our loan payment page for more information.
If you’re interested in getting more information about Personal Loans, or are ready to apply, our BayCoast Bank representatives are here to help you! Get started today by calling 508-678-7641.