If you default on your loan, Wells Fargo will use your CD or savings account to repay the outstanding loan amount. This means you may have an early withdrawal penalty if a CD is used.
The minimum loan amount is $3,000. No matter the amount you borrow, the origination fee is still $75. While it offers rates as low as 5.25%, that’s for well-qualified borrowers. Your rate may be as high as %, which is still better than many lenders offer. Usually, the shorter the repayment term, the better your rate is. Plus, some checking accounts qualify you to receive a 0.50% interest rate discount.
To get a loan with Wells Fargo, even though it’s secured by your collateral, you must have a credit score of at least 670 and sufficient income. Apply online, provided you have an account, and receive a decision in minutes. Once approved, you can track your loan progress using Wells Fargo’s yourLoanTracker.
If you have poor credit, you can still obtain a secured personal loan with OneMain Financial. There’s no minimum credit score because it goes by your current debt, credit history, collateral, and ability to pay. However, a higher score will still earn you a better interest rate.
OneMain Financial strictly provides personal loans to consumers and specializes in helping those with poor credit. In fact, because it has no minimum credit score, https://installmentloansgroup.com/installment-loans-sd/ it’s the best secured personal loan option for people with less-than-stellar credit. Interest rates are 18% to %, based on the borrower’s credit score. Loan terms are 24, 36, 48, or 60 months, but you won’t pay a prepayment penalty if you pay it off early.