Fifth Third Bank is a leading financial institution, offering a wide range of personal financing options for regular borrowers as well as investors. Its unique interest-only loan can encourage you to invest in short-term portfolios.
Just pay the interest accrued on the principle amount during the term of the loan. Pay the principle only at the end of the term and, thus, make money out of nothing.
Obviously, you need to display a good credit standing to qualify for interest-only loan. Also, it may not fit the need of all the borrowers out there.
Secured vs. unsecured loan
Fifth Third Bank has several other secured and unsecured loan options for such borrowers. The unsecured loan amount can range between $2,000 and $5,000. The maximum term is 48 months and the APR is usually over 10%.
Again the bank wants you to show a very good credit score for its unsecured loans and lines. Nobody knows the exact credit score that you need to qualify. However, experts agree that anything above 680 can be considered a good credit score to apply at Fifth Third bank.
Apply for an unsecured installment loan if you need money in a lump sum. A personal line of credit is preferable when you do not intend to use all the money at once.
Is it beneficial to get personal loan at Fifth Third Bank?
Are personal loans good? It depends. It depends on your typical financial circumstances. In emergencies, such as when you need to rush to a hospital, a personal loan can become a quick and easy source of hard cash.
However, there may be situations when you can easily avoid the need of a personal loan. For example, you may try to control your shopping desire. You can skip going out for lunches or dinners. There can indeed be a lot of such situations that we can easily control without the need of an external source of fund.
One can’t deny the urgency of taxes and fines imposed by a court of law. You have no other options than to procure funds to pay down taxes and fines. You will have to face the repercussions otherwise.
Experts recommend the establishment of a contingency fund
Once you have set up such a reserve, you do not have to look for a lender in times of need. Simply withdraw the required amount from this contingency fund and try to replenish this fund as soon as possible. No need to pay interest of any kind. Thus, it can help you save a fortune over a period of time.