In past years banks have slowed down on approving personal loans for borrowers, but recently some banks have increased the amount of personal loans that they are authorizing. SunTrust, TD Bank, Capitol One and Wells Fargo are four of the banks that are issuing more personal loans. Although lenders are still said to be cautious about who they lend to, some personal loans may be easier to acquire than a car or mortgage loan.
Applicants with good credit, proof of income and low debt are still most likely to be approved for this type of loan. However, this month SunTrust bank is ammending their borrower qualifications so as to accept more applicants. While most loans are typically smaller (less than $25,000) they do come with higher interest rates. According to the Federal Reserve the average interest rate on a personal loan is 11%. Even still personal loans are less of a burden on one’s credit score.
Read more at Smart Money.
