Personal Loans

Personal Loans | Secured & Unsecured

For unexpected and unbudgeted expenses, FSNB offers a personal loan to qualified customers. We offer either secured or unsecured loans to our customers wherever they are located in the world.

Debt Consolidation:

One of the most common reasons for taking out a personal loan. When you apply for a loan and use it to pay off multiple loans or credit cards, you’re combining all of those outstanding balances into one monthly payment. This grouping of debt makes it easier to work out a time frame to pay off your balances without getting overwhelmed. One of the best advantages of using a personal loan is to pay off your credit cards with lower interest rates. With lower rates, you can reduce the amount of interest you pay and the amount of time it takes to pay off the debt.

Alternative to Payday Loan:

If you need money for an emergency, using a personal loan instead of a payday loan may save you hundreds of dollars in interest charges. According to the Federal Reserve Bank of St. Louis, the average APR for a payday loan is 391 percent, while the maximum interest rate on a personal loan is typically 36 percent. Payday loans have short repayment terms, usually by your next payday, between two and four weeks. This quick turnaround time often makes it difficult for borrowers to repay the loan by the due date. Borrowers are usually forced to renew the loan instead, causing the accrued interest to be added to the principal. This increases the total interest owed.

Moving Costs:

At some point you may need to take out a personal loan to pay for moving expenses. Using a personal loan for moving costs can also help you stay afloat if you’re moving somewhere without a job. This way you can avoid raiding your savings or emergency fund.

Emergency Expenses:

If you have a sudden emergency, using a personal loan could be a low-cost option. Surprise medical bills are another common reason to take out a personal loan, especially if your doctor requires payment in full. After you’ve negotiated with the hospital, doctor, and insurance company, you might need a personal loan to cover unexpected medical costs.

Large Purchases:

If you suddenly need to buy a new washer and dryer or replace the transmission in your vehicle but don’t have the funds on hand, a personal loan can provide relief. Personal loans allow you to cover steep auto repairs or purchase major household appliances and electronics immediately, especially if you need those things for regular use.

Wedding Expenses:

For couples who may need a little extra cash, a personal loan can allow them to cover the costs now and repay them later. A personal loan can help make your engagement and wedding exactly the way you always dreamed it to be.

Vacation Costs:

Your average vacation might not cost enough to necessitate taking out a personal loan, but what about a honeymoon or a luxury cruise? Whether you’ve just graduated or you’re celebrating an anniversary, personal loans can help you finance your dream vacation. Keep in mind you’ll pay interest on that loan long after your vacation is over.