If you’re looking for a personal installment loan with a repayment term and an interest rate that fits your needs and your budget, you’ll find it at Blackhawk Bank.
What is a personal installment loan?
A personal installment loan is a shorter-term loan with repayment taking place place over a predetermined time-frame. An installment loan at Blackhawk Bank typically lasts for a year or more, and has a fixed interest rate. Each “installment” brings you closer to paying off your loan.
Installment loans are an alternative solution to long-term loans, such as home equity loans , and ultra-short term loans – for example, “payday loans” that borrowers sometimes seek from non-traditional sources. An installment loan from a reputable bank gives you greater financial freedom, flexibility to reach your goals, and when payments are made according to the loan terms, an installment loan helps maintain or develop a great credit score.
Why do people get personal installment loans?
Once you qualify for a personal installment loan, you can use it for virtually anything. Clients often use their loans to make purchases like cars, motorcycles or boats. You can also use your loan to fund home improvements , get married or consolidate debt - the possibilities are endless!
What are the benefits of installment loans?
People enjoy installment loans for a wide range of reasons. First of all, you can apply, become approved and start using your loan within a very short amount of time. Depending on your situation, loan approval may take as little as 60 minutes.
When you choose a monthly installment loan, you’ll have predictable payments that make it much easier to stay within your budget. There are no surprises; you can manage your obligations even if other things come up.
A personal installment loan offers you a relatively long time for repayment; there’s no need to come up with cash to pay back your loan right away. The repayment terms are convenient, and interest rates are competitively low. All in all, most people find that installment loans are perfect for their needs.
How much money can one borrow with a personal installment loan?
This depends on your complete financial picture. Some factors to be considered include your current debt, credit score and credit history. Although the total amount is different for every situation, your Blackhawk Banker can advise you on the likely outcome for your loan.
How can I get a personal installment loan?
Simply fill out our online loan application to get the process started. You'll be contacted by a Personal Banker within one business day (Monday - Friday) from the time you click 'Submit.' We'll then collect the rest of the information needed to complete your application.
Is an installment loan right for me?
These loans help when you’re considering a major purchase, and either don’t have, or don’t want to use money in a savings account. Our personal bankers are glad to advise you about how an installment loan fits into your overall financial strategy.
What do I need to qualify for an installment loan?
Applicants must pass underwriting by completing an application, then submitting supporting documentation to demonstrate finances. For employed persons, this can be as simple as two recent pay stubs. For those who are self-employed, have rental income or own a business, a minimum of two years’ personal and corporate tax returns will be required.
What is the lowest interest rate for a personal loan?
Interest rates vary. Contact your nearest Blackhawk Bank office to learn more.
What are the steps to get an installment loan?
Simply fill out the condensed online application to get your Installment Loan Application started. You'll be contacted by a Personal Banker within one business day (Monday - Friday) from the time you click 'Submit.' We'll then collect the rest of the information needed to complete your application.
When will my payments be due?
Your payments are due according to the agreed upon loan terms, which can be scheduled for a time of the month that works best with your budget.
Can I pre-pay my installment loan early?
Yes! You can pay off your loan at any time without a penalty. More good news: You can receive an extra half-percent discount on your installment loan if you use Auto-Pay from your Blackhawk Bank checking account.