What Types of Loans are Available from a Local Bank?
Banks and credit unions are generally the best sources for loans. They offer fair interest rates, and they don't take advantage of people in need of financing. At Bundlefi, we recommend community banks and credit unions because of what they bring to the table, but can you get the same loans from a community bank as you can get from a megabank?
Absolutely. Not only do community banks offer the same kinds of loans as larger banks, but they also come with their own advantages. For example, community banks generally offer better interest rates than big banks. They also tend to provide faster approval, better customer service, and options for people who don't necessarily have great credit scores.
Plus, when you bank local, you support the community in the same way you do when you shop local. The more dollars are kept in a community, the easier it is for the community to keep those dollars away from giant, faceless businesses.
If you want better rates, better customer service, and the chance to keep a few extra bucks out of a billionaire's pocket, then you want to bank local. Let's take a closer look at some of the loans you might get from a community bank.
You may have seen a lot of advertisements for personal loans. The COVID-19 pandemic has certainly put a strain on a lot of people's wallets. The more people need help, the more loan stores will jump into action. This isn't necessarily a good thing. These loan stores often prey on people who need help. They know that people need money quickly, so they offer a quick loan in a large amount. That works well-- but only for a moment. People who get one of these loans find themselves locked into high interest rates and a payment schedule that may last for a long time.
Megabanks aren't much better. They're not as predatory as loan stores, but you certainly won't get the same rates as you would from a community bank. Thankfully, community banks do offer personal loans, including auto loans, home loans, and more.
Just like megabanks, community banks also offer business loans. Community bank business loans come with all of the same benefits as community bank personal loans. You should consider a community bank loan if you're starting a restaurant, hotel, or any other food or hospitality business. These businesses can struggle to get a loan from a large bank, but with a community bank, you may have more success.
Finally, community banks also offer student loans. If you don't qualify for many government loans but don't want to deal with the high interest rates of private student loan companies, try a community bank instead. A community bank may provide the happy medium that you need.
Find a Loan with Bundlefi
You can get virtually any type of loan from a community bank, but community banks aren't always as easy to find as megabanks. Bundlefi can make your search easier. Use Bundlefi to explore and compare your community bank options today. We'd love to help you get started.