Personal Loans
With A Personal
Touch
Explore our personal loans today
and move one step closer to addressing your financing needs.
What is the difference between
an unsecured loan and a secured loan?
You may qualify for a lower rate and/or a higher loan amount if you are approved for a secured loan, including an auto-secured loan, versus an unsecured loan. See below for more information or reach out to your local branch if you have questions.
Secured loans
A secured loan means you are pledging something of value as collateral to your loan to ensure that the loan will be repaid according to the loan’s terms and conditions. Assets such as cars can be used as collateral, and, in some instances, the lender can place a lien on the asset, which will remain in place until the loan has been paid in full, including interest and all applicable fees.
It’s important to remember that if you are unable to repay a secured loan, the lender may be able to sell the pledged collateral to pay off all or part of the loan.
Unsecured loans
Unsecured loans are loans that do not require the borrower to pledge any collateral. If you have been turned down for an unsecured loan, you may still be able to obtain a secured loan if you have an asset that can be used as collateral.
Types of personal loans
A personal loan can meet a variety of needs, including medical emergencies, home improvement projects, vacations, weddings and debt consolidation. BMC Personal Loans may have a solution that fits your needs.
Debt Consolidation
This type of loan helps streamline a variety of debt—from medical bills to credit card payments—into a single monthly payment solution.
Covering Unexpected Expenses
Major appliance breakdowns, auto repairs, medical costs (people and pets), and plumbing repairs: All of these costs can be unexpected and could happen at an inconvenient time.
Making Home Improvements
You might not always have sufficient funds to cover potentially value-enhancing investments like new countertops, flooring, or deck additions. Consider making those upgrades a possibility with one of our personal loans.
Paying for a Vacation
Eager to see more of the world, or just another part of the country? Ready to finally book that cruise? Due for a family reunion? Begin planning the trip you’ve been putting off.
Taking care of Wedding Expenses
Sometimes, love just can’t wait for your bank balance to catch up, and wedding costs are often more than we anticipate. Consider a personal loan to help make your dreams come true when you’re planning your dream wedding.
How our personal loans work
Whether secured or unsecured, our loans give you the benefit of a fixed rate and set monthly payments over a scheduled period of time, which can help make it easier to manage expenses. The process is a simple one: apply for a personal loan and receive a quick decision.
*Representative Example: Assuming you apply for a $10,000 personal loan with a 36-month term, here’s an example of what your loan terms and payments could look like:
APR: 17.69%
Loan Term: 36 months
Monthly Payment: $357.06
Total Interest Paid: $3,054.96
Total Amount Paid: $13,054.96
Please note that the APR, loan term, and monthly payment may vary depending on your individual creditworthiness and other factors, and this example is for illustrative purposes only. The actual terms and payments of your loan may be different.
Personal Loan FAQs
What can I use a personal loan for?
Many people apply for a low-interest personal loan to consolidate high-interest credit card debt. These loans can also be used to fund major life purchases or expenses, like home improvements, weddings, unexpected medical expenses, moving expenses, or funerals.
What is a personal loan?
A personal loan is a loan offered by many banks, credit unions, or online lenders and typically range from $1K-$100K. While many loans specify how the money should be spent, personal loans allow for more flexibility and can be used to cover big expenses or consolidate high-interest debt with a more favorable rate.
Should I take out a personal loan to pay off my credit cards?
Personal loans can be used for a variety of purposes, but are commonly used to consolidate high-interest credit card debt. When using a personal loan to pay off credit card debt, the loan funds are used to pay off the cards’ outstanding balances. Ideally, the new loan will have a lower interest rate, making payments more manageable or saving the person money from accrued interest. Click here to learn more about the pros and cons of using low interest personal loans to consolidate debt.
Will applying for a personal loan affect my credit?
To check the rates and terms you qualify for, BMC Personal Loans conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
How much money can I get a personal loan for?
Personal loans typically range between $1,000 to $40,000. With a BMC Personal Loans you can borrow as little as $1,000 or as much as $100,000.