About Bank Personal Loans

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Bank personal loans are based on income, current debt, existing bills and the ability to pay future loans. Consider getting a cosigner to help get approved for person loans with ideas from an investment consultant in this free video on bank loans.

Part of the Video Series: Personal Finance & Money Management
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Video Transcript

Hi I'm Roger Groh. We're here today to talk about bank personal loans. If you decide that you want to borrow money you can walk down to your neighborhood bank or on line and fill out an application for that bank and ask them to loan you money. What are they going to look for? Well they're going to look for the amount of income that you have after tax in relation to the bills that already exist plus the amount of money that you would owe them for this future bill that you are applying for. Why would a bank loan you money? Well for sure they are going to want to know that you can pay them back. If you have a large amount of income in relation to your existing bills plus what you might owe them well then maybe that's sufficient and they would say fine and give you cash. On the other hand if your income is less and not sufficient to cover all of your bills they're probably going to look at some collateral meaning you might have to give them a second mortgage on your or a second mortgage on your car or you might even have to have a third person come in and co-sign the note with you which means if you don't pay that other person will. All of those other cases are just there to provide payment for the bank in case it can't do it. So that's a little bit about bank personal loans and I'm Roger Groh. Oh maybe the exciting news, rates are about half today from where they were a year ago and they will probably likely go down substantially in the next three months. I'm Roger Groh.

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