What to Know About Personal Bank Loans

Video Transcript

"Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today is what do you need to know about personal bank loans? There's a variety of different loan programs that banks offer. Sometimes it's on an unsecured basis which is what we call a signature or a note loan. Other times they may offer you a loan holding collateral maybe by securing it with a CD that you have with the bank or a savings account. Another popular personal loan through the bank is an automobile loan where they hold the title to your car. So there's different types of programs that are available depending on the type of loan that you go with it can affect the interest rate, how long the term of repayment will be and I think the think to really look at for too is that it doesn't hurt to shop around. Maybe consult a few banks, talk to a couple credit unions to really kind of find the best rate available under the best terms. Obviously if a bank offers you 10,000 on loan but they only give you two years to repay it, you may be better off looking around for a bank that would give you a longer term, that's a perfect example. Again my name is Matt McKillen and I'm with Innovative Financial Group."