There are many big banks in the United States that do not offer personal loans. This causes people who need personal loans to find other alternatives in small banks, credit unions and even from online lenders. Does TCF bank offer personal loans? Read on to discover this and so much more about TCF personal loans.
Having the largest number of branches and network in the United States, you can be sure that TCF has the most requested personal loans too. This is because of the high preference that people have to personal loans. They are easy to get and highly flexible.
TCF offers a wide variety of loans including personal loans. Actually personal loans are one of the major offerings at TCF bank. The application process for a loan at TCF bank is quick and easy. You can apply online or at a branch near you.
TCF personal loans can either be secured or unsecured. To qualify for the unsecured loan, just in any other bank you will need to have a good credit rating. Here are the TCF personal loans that you can apply for;
TCF Bank Personal Loan (Secured)– in the secured loan, you have to give collateral for the loan that you need. The collateral therefore should be valuable enough to repay the amount of money you are asking for in case you default.
Getting a personal secured loan at TCF is easy. However you have to fill out a comprehensive form that states everything required and gives all the necessary details about your collateral. In order to get a secured personal loan, an excellent credit score is not a must because you have collateral to put up.
However, you should remember that your collateral is at risk should you be unable to pay for the loan. With the unsecured personal loan you can be able to borrow a huge amount of money if you have collateral to put in place.
TCF Bank Personal Loan (Unsecured) – in this loan you get money without placing any collateral with the bank. Here therefore the loan’s approval is dependent on your credit history. However since these loans are offered without any collateral, they have high interest rates.
If you are thinking of getting an unsecured personal loan then it is best to consider your credit score. You can easily check your credit score online from any of the three credit bureaus. After you have found your credit score put measures to ensure that you make it better. Avoid quick fixes as these might leave you with even more debt.
Personal Line of Credit – if you are looking to get money when you need it on demand, then a personal line of credit is for you. With a personal line of credit at TCF bank you get assigned a certain credit limit. You can borrow on that credit limit whenever you need money provided you do not exceed the limit.
For a personal line of credit at TCF bank you will not require any collateral or equity. You only need to have a good credit score. With a personal line of credit you enjoy a lot of flexibility and since you get the money in chunks as you need it chances of blowing the money on unnecessary things are minimal. You also only pay for what you have used.
With a loan all the money is paid in one go and you will start paying interest on the loan whether you have used up all the money or not. You get free checks so you can draw on your line of credit when you want to. All TCF bank personal loans come in competitive rates including the line of credit.
Installment Loans– these are loans that are repaid in installments. These TCF loans are highly customizable to meet your needs. You can apply for these loans free of charge too. With flexible repayment methods, you are allowed to choose the duration within which you want to repay the loan.
This means that you have the freedom to choose a duration that will work well for you. In many other banks the repayment duration is dictated to you which makes it difficult if you cannot afford the installments.
If you have this loan then the TCF bank loan payment is easy. You can quickly set up a recurring payment schedule online which allows you to make your payments with ease. You also get to see your payment transactions and history. It is therefore to manage your payments online. When you manage your payments well, you build your credit score and eventually you will qualify for an unsecured personal loan.