Bank of the West Personal Loans Review
It is considered to be the fifth biggest bank in California with top trustworthy reputation.
Besides, it is also one of the oldest financial institutions in the country with superb experience in the financial services rendering field.
Bank’s credit and loan policy especially personal one is oriented on different segments of the population with diverse needs and credit scores.
That’s why personal lending offers of the bank include both secured credit lines and personal unsecured loans for emergency situations.
What Is Needed to Apply for the Personal Loans of the Bank of the West?
Information needed to proceed with loan application varies for different loan types. Still for all personal loans of this precise bank you need to provide the following information:
- Your TIN (or taxpayer number) as well as social security ID.
- Personal line of credit also requires assets information.
- At least two years of employment history and income.
- Honest information about previous debts.
There is also little notice for all borrowers saying that ‘Subject to credit approval’. It means that if you want to be approved for bank’s personal lending and especially for credit line, you should have decent credit history and high credit score.
Offered Personal Loans: Benefits and Features
Bank of the West loans are divided into 2 categories each with its features and benefits:
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Personal Unsecured Loan Personal Credit Line
Credit loan amount is $2,000 Amount varies: can be as little as $5,000 or reach half a million
Fixed competitive interest rates Flexible rates
Free and fast access to funds via online banking Amount can be accessed by check
No collateral is required due to unsecured nature Secured loan with collateral
There is also claimed 0.25% discount if you proceed with automatic payment via your checking account of the bank.
Cases to Use Unsecured Personal Loans and Personal Credit Line
Banking professionals recommend differentiating loans and credit lines and use them in corresponding financial situations.
Besides, it’s also better to be aware of all the risks, understand interest rates involved and plan the loan payoff without stress or delays.
For those reasons when it comes to what Bank of the West personal lending option to choose use these little clues below:
- If you need a small amount urgently for some trifle one-time expenses, give preference to unsecured personal or installment loans. Still be reasonable about the amount and rates. The main rule is never to borrow more than you need or can return.
- In cases when you need money from time to time or some extra financial assistance every month, it’s better to consider personal credit line. It is more flexible and offers lower rates.