Personal loans come very handy when you have a sudden unplanned expense. It is an easy way to obtain cash and pay it off at a later stage. People use such loans for their dream vacations, home improvements, or even medical emergencies.
A personal loan with Fifth Third Bank gives you a unique interest only loan and encourages you to invest elsewhere too. Thus, you can make money out of your own investments. Of course you need to have a good credit to be eligible for a personal loan.
Let us look at the plus and minus of Fifth Third Bank personal loans.
Fifth Third Bank and its Advantages
The bank allows its customers to use their deposits and investments as collateral to obtain a secured personal loan. Once it is approved, cash will be deposited in your account directly. Also, the bank specifies the amount that you can borrow with fixed interest rate and monthly payments.
Fifth Third Bank personal loans can be used to meet your particular borrowing needs or even to consolidate other debts into one. It has a quick and easy application process that makes lending simple.
Customers can choose between unsecured and secured personal loans. As discussed above, secured personal loans will require the customer to have some kind of collateral; whereas, unsecured personal loan does not require any collateral.
The bank’s interest rates vary from area to area. It divides the country into four tiers and offers different interest rates to different sectors. It ranges between 9.54% and 11.04% for a period of 36 to 60 months.
Fifth Third Bank and its Disadvantages
The bank charges fees for each and every service rendered. Customers claim that they have been charged for transferring money through online internet banking after 7.00 pm as it is the bank’s closing time. Such charges do not make sense. If the customer is asked not to use online banking, after closing hours then there is no point of having the facility of Internet banking.
Another customer claims that even after making a particular bill payment, it gets delivered to the biller’s account after the due date. This customer had made his property tax payment through online banking but it was delivered after a month. The customer was charged $110 towards late payment fee. Moreover, the bank refused to acknowledge their mistake and refrained from reimbursing the fee.
Seems that Fifth Third Bank falls short in internal as well as external communication. The bank’s website does not mention interest rates on personal loan. Also, they require a credit score of 680 or more without which customers applying for any kind of loan are not entertained.
The bank executives are unprofessional who at times do not understand basic customer queries. If you plan to close your account or transfer your loan to a different bank, they do not co-operate. Also, they do not provide any help on paper-work.
Being one of the oldest banks in the United States, Fifth Third has witnessed many more acquisitions and has been a part of several controversies. The Internet is the best tool to do your homework and compare interest rates among various other banks.
Applying for a personal loan depends on an individual’s financial circumstance. There are situations where you can easily avoid a personal loan such as skipping lunches at restaurants, controlling your shopping desire and a lot more. However, we cannot deny nor stop a medical emergency where personal loans act like blessing in disguise.