SunTrust is one of the biggest financial organizations in United States. They offer multiply programs for their clients. They have pretty good personal loan packages as well. SunTrust also offers personal loans for bad credit.
Like all banks SunTrust is hesitant towards giving loans towards people with bad credit. But still sun trust offers personal loans to people with bad credit. There are some requirements of course that should be strictly followed
Requirements for SunTrust Personal Loans for Bad Credit
Firstly if you have a stable monthly income than that is a big help for your personal loans application. You can also apply for loans if your credit is not below 15%. If it is lower than that than getting a personal loan can be next to impossible.
SunTrust Personal Loans
SunTrust offers personal secured and unsecured loans but people with bad credit get difficulties in getting these approved. With a semi bad credit you may have chance like if your credit score is within 550 to 700.
Some personal loans offered by SunTrust bank are
- Personal secured loans
- Personal unsecured loans
- Personal installment loan
- Personal credit line
- Personal credit line plus
- Select credit line
Personal Secured Loans
If you have a semi bad credit than you might be able of apply for this loan. This loan requires an asset to be put as collateral. The mortgage value of that asset should be equal or greater than the amount you want to borrow.
Personal Unsecured Loans
Unsecured loans do not require any collateral. But you must have a good credit history. With a stable monthly income you can apply for even semi bad credit.
The max amount of unsecured loans depends on individual’s credit. The better credit you have the more you can borrow.
Personal Installment Loans
SunTrust personal installment loans are best option for people with bad credit. The loan process is easy and takes 24 hours max to get the loan approved.
There is not much paperwork in installment loans and credit history is not noted either. Unless your credit is below 15% you will have no issue in installment loans.
Personal line of Credit
Personal line of credit is also an option for people with bad credit. SunTrust offers a personal line of credit loan. You are given a limited amount assigned to you for a month. SunTrust offers from $5000 to up to $25000. You can borrow any amount within that range any time during the month.
After the month you only payback the amount you spent. There is no interest rate just an annual fee of $25.
Personal Line of Credit Plus
SunTrust bank also offers personal line of credit plus. With SunTrust line of credit plus you can borrow from $25000 to $250000 or more. The interest is a little high but is flexible.
Select Credit Line
You require an asset as collateral for this loan but the loan amount is higher than rest. Also the interest rate is low.