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How to Get a Personal Loan in Asheville, NC


The average credit card APR in October of 2014 was 15.07%. With such rates, sometimes a personal loan is a more cost-efficient way of getting your hands on the money you need with the interest rates you can afford.

There are a few things you need to keep in mind when considering how to get a personal loan in Asheville, NC.

Factors to Consider Before Applying for a Personal Loan

  • You’ll need to find a bank that offers personal loans. In Asheville, NC, First Bank has three locations that offer such a service. You can read about First Bank’s personal loan program here.*
  • A secured loan will require some sort of collateral such as a vehicle, real estate, or stocks. This is put up in the event that you are unable to repay the loan.
  • You’ll need to show at least one form of valid I.D., and may need to show a social security card as well.
  • A way of showing your income will only increase your chances of getting a personal loan. Lenders will feel more confident in your ability to repay the loan based on your income level.
  • You may also need to show tax returns and other financial information.

How-To: Get a Personal Loan

If you’re in Asheville, NC, First Bank offers two easy answers for How-To: Get a Personal Loan — a credit line and overdraft protection.

  1. First Bank’s personal credit line allows customers to write a check to themselves and walk out with the money they need. Qualified collateral may be needed in some cases.
  2. Overdraft protection acts as a loan by loaning you the difference should you make a purchase greater than the amount of money in your account. By borrowing the difference, you can still complete the purchase while avoiding any overdraft fees.

Read more about First Bank’s options for how to get a personal loan, or visit a friendly associate at your nearest Asheville, NC, First Bank location.


*Loans subject to credit approval.

———

Sources:

Credit Cards: http://www.creditcards.com/credit-card-news/interest-rate-report-102214-unchanged-2121.php

Investopedia: http://www.investopedia.com/terms/c/collateral.asp

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