Personal loans offered by Cambridge Savings Bank are unsecured loans that you can utilize for anything you need. Without offering any collateral, the bank allows you to borrow personal loan amounts from $1,500 to $5,000 at competitive interest rates. The bank offers this unsecured loan in a variety of terms and you can choose the loan term that suits your needs. Moreover, you will get fast decisions on your loan application when you apply through Online Banking.
How You Can Use Your Personal Loan Amount?
Depending on your needs, you can use your personal loan amount in a number of ways. The followings are some of the most common expenses that people make with their personal loan amounts.
- Home repair and renovation
- Planning a family vacation
- Consolidating high-interest debts
- Purchasing or refinancing vehicle
- Paying education expenses and many more
Unsecured Personal Loan Terms and Current Rates
Cambridge Savings Bank offers different interest rates and loan amounts based on different loan terms. For a 24 months unsecured loan term, the bank offers loan limits of $1,500 to $3,000 with a competitive APR of 14.500%. If you need a bigger amount, you can obtain loan amounts of $3,100 to $5,000 with APR of 14.500%. An important thing to remember is that all loans are subject to credit approval and you may find it hard to qualify for any loan term if you have bador less than good credit rating.
CD Secured and Passbook Loans
Besides unsecured personal loans, Cambridge Savings Bank also offers Secured CD and Passbook loans that you can obtain for a number of expenses. You just need to put your Certificate of Deposits or Bank Passbook as collateral and get a loan up to 100% of your CD or Passbook balance. The bank offers competitive interest rates and flexible repayment terms as you are offering some security against your loan amount. There are no hidden fees or prepayment penalties and you will get personalized services from the bank.
Debt Consolidation with Personal Loan
If you have multiple loans or credit card bills, you may face high interest payment each month. You can use a personal loan to consolidate your debts into one single monthly payment that will be more affordable for you. Getting lower interest rate on your personal loan will also allow you to save some hard earned money from the interest that you pay on your individual loans or credit cards. You will get a fixed rate and fixed repayment term that will help you better manage your monthly budget.
To make your loan application, you can visit a nearby bank branch or make online application through the bank’s official website. You can also review several loan offers that you may qualify for. All loan terms come with affordable fixed rate and flexible terms. Contact a loan specialist of the bank as they can help you get the best loan option for your needs. Personal loans in Massachusetts are also offered by other reliable banks such as BankFive and Berkshire Bank.