State Street Bank has emerged as a leading provider of financial services in the nation. It was in Quincy, Illinois that the bank opened its first branch in 1890. Now it has spread far and wide to cover a large part of the country, offering cutting-edge financial products and many other related services.
Someone residing near a branch of the State Street Bank should explore personal financing opportunities. One can open a savings or checking account at the bank, and then apply for a secured or unsecured personal loan based on needs and eligibility.
Who can apply for a personal loan?
A personal loan is usually unsecured, which means the borrowers need no collateral to apply. However, one must possess certain qualities as identified by the bank concerned. Most banks look at two things – credit report and current employment status – during their underwriting process.
Go ahead to apply for a personal loan if your credit score is 700+ and you are currently employed. Credit card users can save a lot by consolidating their credit card debts with the proceeds of a personal loan. Other possible situations where you can use the fund include home remodeling, education, vacation and medical emergency.
What if I have a poor credit score?
Let’s face it. Something badly has affected your credit score. You can’t blame others for the bad credit score as the entire responsibilities of what happened to your credit history lies on you. What is the way out now, you might wonder? Getting a personal loan, especially from a reputed bank such as State Street Bank, is no longer a cakewalk.
Experts suggest a couple of alternatives. For example, you might try a secured personal loan or a home equity loan or line. Another option is to find someone with very good credit who can cosign your loan document. Not many would come forward to vouch for you. The reason is simple. Your cosigner will be responsible for the debt in case of default.
What can I do to improve my credit score?
This is not an immediate solution. Personal loans are usually expensive. You must avoid it if you can. At least, you can defer the immediate financial need and focus on building your credit. This will help you apply at a later time and get approved at a very low interest rate.
Use your money responsibly. This is the most important advice financial experts would give. Borrow only when you need it. Keep your debt-to-income ratio low. Focus on repaying your debts rather than transferring at lower interest rates. Last but not least, save a little every month and help grow your savings account gradually.