Whether you have bad credit or good credit, the fact is that interest rates on credit cards are simply skyrocketing. Many people who have had an open credit card account with the same company for years and have been paying as agreed are being dinged with interest rate hikes. Other people who are trying to open new accounts are faced with high interest rates as well. Often people need to open an account to make a major purchase that they simply don’t have cash on hand for. Others want to open an account to consolidate some debts and possibly get a lower monthly payment. Still others just want the peace of mind in knowing that they have an open account they can pull cash from any time they need it. If you have been frustrated with the ever-rising interest rates that credit card companies are offering, consider personal bank loans instead.

Personal bank loans can be obtained in either an unsecured or secured format. A secured option will require you to pledge something of value as collateral, and this option will usually give you a more attractive interest rate, which will save you money in the long run. You can apply for either secured or unsecured financing through your local bank by meeting with a personal banker during traditional business hours or you can apply online for your financing through either a bank or another financing source. Many people find that applying online for financing is easier and more convenient simply because of the flexibility in completing the application online any time. The actual application is approximately the same either way.

Personal bank loans are the perfect answer to getting the financing you want or need but at lower interest rates than you would find with most credit cards. The fact is that you don’t need to pay 20% interest or more on a credit card to have access to the cash you need.

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Photo Credit: Andres Rueda