About Personal Online Bank Loans
Most online bank loan services only require a checking account, employment verification and an online application. Fees and interest can range from several percentage points of the total loan value to a one-time application and processing fee with yearly accrued during each payment cycle. Generally, fees will vary depending on the repayment schedule, loan amount and lender. You will receive a fee schedule prior to any money being issued. You can accept or deny the loan offer at that time.
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Identification
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Most national banks offer online banking and loan services that allow a borrower to apply online for a personal or auto loan. Washington Mutual, First Commonwealth Financial, National City and Bank of America all offer online bank loans. Each bank offers varying loan options, from low interest to high interest, short term to long term, individual to multi-applicant, unsecured to secured. Request your desired loan type and complete an online application for an immediate response.
Types
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Online bank loan services can include, but are not limited to: a home equity line of credit, home equity loan, auto loan, personal credit line, student loans, and RV/Marine/ and other vehicle loans. To apply, click on "Loans" or "Borrowing," follow the instructions and provide the appropriate information as you are prompted. These links are generally located on the homepage of the bank's Web address.
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Function
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Export all financial information to the application, providing savings and checking balances and debt to income ratio for each applicant. Provide an accurate monthly or yearly expected salary range (and/or salary amount) and include additional income if applicable. All online banks offer security protection to ensure financial information is protected during the application process.
Size
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Use the loan calculator to determine the interest rate of the loan. For example, a auto loan with a 48-month term approval, with an APR of 6.12 would yield a $23.49 payment for every $1,000 owed on the vehicle. If the car loan amount is $23,000, the borrower would owe the bank $540.27 per month. At First Federal Bank of Louisiana, for example, the minimum loan amount for a 72-month term is $25,000 (see Resources below).
Potential
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Personal online bank loans can be used for large appliances, travel plans, computer equipment and home renovations. Most banks offer personal online lines with a maximum term life of 36 months. Payments can be made by direct deposit or mailed to the lender by the monthly payment date.
Considerations
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Mortgage and home loans also fall under the category of personal online bank loans. Rates will vary by lender and the terms of the loan, but most banks offer competitive rates for those who qualify. Washington Mutual offers ARM, interest only and fixed rate loans, with rates that vary from 5 to 6.125 percent.
Benefits
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Online borrowing is a fast and easy way for a borrower to maintain her loan and/or other lending product. She can view her account history, see interest rate changes, make payments and monitor the progress of the loan via the Web (borrowers must enroll to access online resources).
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Resources
- Photo Credit Ian Britton
