Personal Loans & Lines Of Credit
Loans and lines of credit for Waco and McGregor, TX
Need extra money for a vacation, home renovations, or even unexpected emergencies? TFNB Your Bank For Life goes the extra mile with personal loans and lines of credit that meet your needs and budget.
Unlike national banking institutions, our personal lending solutions can be custom-tailored to meet your borrowing needs. Choose TFNB for a more personal approach to lending.
Differences between Personal Loans and Lines of Credit
Personal loans
When you need money for miscellaneous expenses or to consolidate debt, a personal loan is a smart lending solution. Pay off your loan on a schedule that fits your life.
Benefits of a personal loan:
Personal lines of credit
Unlike personal loans, which deliver funds as a lump sum, personal lines of credit give you access to a revolving credit account. This lets you to use funds as you need them and pay interest only on what you use. A personal line of credit can be a good option for you if you need access to funds for upcoming expenses, but not all at one time.
Benefits of a personal line of credit:
Differences between personal loans and lines of credit
Determining which lending option is better for you depends on your needs and goals. Both have similar application and credit score requirements to qualify. Here’s how they differ.
How you receive funds:
We give personal loans in one upfront sum. A line of credit is revolving; that means you can take money out as needed.
Interest rates:
While both incur interest, lines of credit may have slightly higher, and variable, interest rates. A personal loan usually has a fixed interest rate that may be comparatively lower.
Repayment of funds:
A personal loan offers a structured repayment plan. We require monthly payments for a set amount of time. This helps you repay both the loaned funds and incurred interest. Lines of credit repayment looks a lot like a credit card repayment plan. Repayment term length is usually not defined.
It’s important to consider each of these factors before settling on a personal lending solution. If you’re unsure, we can help! At TFNB, our experienced banker can sit down with you and help you decide which option is best for you and your financial future.
Ready to open an account?
When you’re ready to apply for a personal lending solution from TFNB, fill out the form below and a member of our staff will be in touch soon.
