Credit card debt is becoming a staple of the American household, as more people look to plastic as a personal loan. An estimated 60% of Americans have credit card debt.
Loan origination isn’t free, even when there are no upfront fees. When you take out a personal loan you’re paying the expense involved with loan origination.
Like all forms of credit, personal loan lenders use risk-based pricing. The worse your credit is, the higher the interest rate on your loan.
Debt consolidation, home improvements and major purchases are the top reasons people choose personal loans. Others include financing a vacation, paying your taxes or paying for medical expenses.
OneMain Financial. That’s the new name of Citigroup’s consumer lending arm, which offers personal and home equity loans through 1,300 U.S. branches. The rebranding of the Baltimore-based company, announced last December, is intended to “distinguish its business with an identity that better represents who they are and what they do,” according to a press statement.