BBT unsecured personal loans can help alleviate your pains in times of financial distress. You do not need collateral to apply, but your credit score must be stellar. The financial assistance comes in handy when you find yourself in an emergency, such as to rush to the hospital or to pay taxes.
BB&T offers not just unsecured installment loans but also lines of credit to eligible borrowers. Don’t choose the former if you need money on a regular basis over a period of time. This will help you utilize the available resources effectively and keep the cost of borrowing to the minimum.
What makes BB&T different from others? Well, it has a wide range of personal financing products to suit each and every need of borrowers. For example, you can buy a car with a vehicle loan and remodel your house with a home equity loan. You can even buy a boat or RV with a recreational loan or go for a handful of secured loan options when your credit score is not good enough for an unsecured loan.
How can BB&T help a person with bad credit?
Most unsecured loan and line options require a very good credit score. Experts say anything above 700 can be considered good enough to apply at BBT. However, those with poor credit scores should not jump the bandwagon right away. Instead, they should step back and explore more to find the best option.
Secured loans including home equity loans and lines are among the possible solutions for people with bad credit. Remember you need collateral to qualify and the loans are not risk-free. If you fail to make payments, you might lose your valuable possession.
It is only prudent not increase your debt burden if your credit score is not good. You will end up with a high payment because of high interest rate, destabilizing your financial situation even more. Instead, you can work towards improving your credit and paying off existing loans.
BBT Deposit Secured Loan can be a great way to build your credit and meet your immediate monetary needs. You must have any of the following – life insurance, savings or CD accounts, mutual funds, brokerage accounts or bonds – to qualify for the loan.
You are advised to borrow only the amount that you can easily manage without default, although the bank can offer up to 100% of the value of collateral. Stick to your payment schedule and avoid late payment. Your credit score will soon begin to improve.