Cadence Bank offers personalized personal loans that serve as a reliable solution during times of limited liquidity. These loans are designed to provide customers with the extra funds they need, tailored to their unique financial situations. With flexible conditions that can adapt to varying economic circumstances, Cadence Bank ensures borrowers can manage their repayments comfortably.

Features

• Secured and Unsecured Options. Cadence Bank allows customers to choose between secured and unsecured personal loans. Secured loans can be backed by valuable assets such as a car, home, savings account, or Certificate of Deposit (CD) at Cadence Bank, offering potentially lower interest rates due to the collateral.

• Various Collateral Options. For secured Cadence bank loans, borrowers can use a range of assets as collateral, providing them with multiple options to secure their loans and obtain favorable terms.

• Application Procedure. The bank offers a straightforward application process for personal loans. While no online processing is available, applicants can visit a Cadence Bank agency in person or conveniently use the provided contact form to initiate their loan application.

• Fixed APR. Cadence Bank's personal loans feature a fixed Annual Percentage Rate (APR). This means that the interest rate remains constant throughout the loan term, providing borrowers with predictability and stability in their monthly payments.

• Competitive Rates. With a focus on reasonable and competitive interest rates, Cadence Bank ensures that customers can access financing without facing exorbitant interest charges, making the borrowing experience more affordable and manageable.

• Tailored Loan Terms. The bank offers personalized loan terms that can be adapted to suit individual financial situations, empowering borrowers to select a repayment plan that aligns with their economic capabilities.

Cadence Bank Personal Loan Options

1. Credit Score Boosting. For those facing challenges with their credit history, Cadence Bank provides its Credit Builder Loan. These loans are designed to help individuals improve their credit scores by demonstrating responsible borrowing and timely repayments. This way, customers can work towards enhancing their financial standing for future financial endeavors.

2. Credit Secured by Savings or CD. Cadence Bank offers credit options secured by savings accounts or Certificates of Deposit (CDs) for individuals looking to build credit or access funds while keeping their savings intact. This option enables customers to borrow against their existing savings while benefiting from potentially lower interest rates due to the collateral.

In addition, Cadence categorizes its specialized credit products, such as auto and RV financing, as personal loans. So here are more options:

1. Car Financing. Cadence Bank provides car loans, allowing customers to finance the purchase of a new or used vehicle. With favorable terms and competitive interest rates, borrowers can conveniently acquire their dream car and make manageable monthly payments.

2. Financing for Boats, Motor Homes, or other RVs. Whether customers are looking to hit the open waters with a boat, embark on a road trip in a motorhome, or explore the outdoors in an RV, Cadence Bank offers financing options for these recreational vehicles. This enables individuals to enjoy their leisure activities with the convenience of personalized loan terms.

Pros and Cons

How to Apply for a Cadence Bank Personal Loan?

1. Check Eligibility. Ensure that you meet the eligibility criteria. You must be of legal age, which is 18 years or older, and have either a green card or citizenship.

2. Gather Necessary Documents. Before starting the application process, gather all the necessary documents, such as identification proof, income verification, and any other documents required by the bank.

3. Contact Cadence Bank. You have two options since the application procedure does not have an online processing system. You can visit a Cadence Bank agency in person or use the contact form on their website.

4. In-Person Visit. If you prefer visiting a branch, locate a nearby Cadence Bank branch and schedule an appointment with a loan officer. During the appointment, the loan officer will guide you through the application process and assist you with any questions or concerns you may have.

5. Contact Form. If you choose to use the contact form, fill out the necessary details and provide a brief overview of your loan requirements. A bank representative will get in touch with you to discuss the best way to proceed with the application.

6. Discuss Loan Options. During your interaction with the bank representative, you can discuss various loan options available, including secured or unsecured loans, loan amounts, interest rates, and repayment terms.

7. Submit Application and Documents. Once you have decided on the loan option that suits you best, complete the application form and submit it along with the required documents.

8. Loan Processing and Approval. Cadence Bank will process your loan application and assess your eligibility. If approved, you will receive a loan offer detailing the loan amount, interest rate, and repayment terms.

9. Review and Acceptance. Carefully review the loan offer and make sure you understand the terms and conditions. If you are satisfied with the offer, accept it, and the loan amount will be disbursed to you.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Requirements

1. Age and Residency. You must be of legal age, which is typically 18years or older, and either be a U.S. citizen or have a green card.

2. Credit Score. Cadence Bank will assess your credit history and credit score to determine your creditworthiness. A higher credit score generally improves your chances of qualifying for a personal loan with better terms and interest rates.

3. Income and Employment. You need to have a stable source of income to demonstrate your ability to repay the loan. To assess your financial stability, Cadence Bank may require income verification, such as pay stubs or tax returns.

4. Debt-to-Income Ratio. Lenders typically consider your debt-to-income ratio, which is the percentage of your monthly income that goes towards debt payments. A lower debt-to-income ratio improves your chances of qualifying for a loan.

5. Collateral (for Secured Loans). If you are applying for a secured personal loan, you may need to provide collateral, such as a car, home, savings account, or Certificate of Deposit (CD) held at Cadence Bank.

Ways to Receive the Money

The bank often deposits the loan amount directly into the borrower's designated checking or savings account. This is a convenient and efficient method, allowing the borrower to access the funds immediately and use them as needed.

Alternatively, the bank may issue a check or draft for the loan amount, which the borrower can then deposit into their bank account. This process may take a little longer, as it involves physically delivering the check and processing time at the recipient's bank.

How to Pay Off a Cadence Bank Personal Loan?

If there is no information about paying off a Cadence Bank personal loan on their website, you should directly reach out to the bank's customer service or visit a local branch to get detailed instructions on how to pay off your loan. In the absence of specific website information, the bank's representatives will guide you through the repayment process and provide you with the necessary details to make timely and secure payments.

When you contact the bank, they will likely inform you about the available payment methods and options. These methods may include online payments or in-person payments.

Things to Consider

1. Eligibility Requirements. Before applying for a personal loan, ensure that you meet the bank's eligibility criteria, which typically includes being of legal age (18+) and having either a green card or citizenship.

2. Loan Options. Consider the various loan options available, including secured and unsecured loans. Evaluate which type of loan aligns better with your financial situation and requirements.

3. Loan Purposes. Be clear about the purpose of the loan. Whether it's for purchasing a car, financing recreational vehicles, improving your credit score, or accessing funds secured by savings or CDs, ensure that you select the right loan option that suits your needs.

4. Interest Rates. Compare Cadence Bank's interest rates with other financial institutions to ensure you are getting a competitive rate. Lower interest rates can save you money over the loan term.

5. Loan Terms. Understand the terms and conditions of the loan, including the repayment schedule, loan duration, and any associated fees. Choose loan terms that align with your financial capabilities.

6. Lack of Information. Be aware that the absence of comprehensive loan information on Cadence Bank's website may require you to contact the bank directly or visit a branch for complete details. Inquire about loan terms, conditions, and any additional fees to ensure you understand the loan clearly before proceeding with the application.

Alternatives

Credit Cards. Credit Cards are revolving lines of credit that allow you to make purchases up to a certain credit limit. You can pay off the balance over time, but managing credit card debt responsibly is essential to avoid high-interest charges. Some well-known credit card issuers include American Express, Discover, Chase, and Capital One.

Home Equity Loan and HELOC. Home Equity Loan and Home Equity Line of Credit use your home's equity as collateral. You can borrow a lump sum at a fixed interest rate and repay it over time. These loans are suitable for homeowners with substantial equity in their property. Companies like Wells Fargo, Bank of America, and TD Bank offer home equity loans.

Personal Lines of Credit. Personal Lines of Credit function like credit cards but with potentially lower interest rates. You can borrow up to a set credit limit as needed and repay it over time. Interest is only charged on the amount borrowed. Many banks, including U.S. Bank, PNC Bank, and SunTrust (now part of Truist), offer personal lines of credit.

Peer-to-Peer Lending. Peer-to-Peer Lending platforms connect borrowers directly with individual investors who fund their loans. The process is typically done online, and interest rates may vary based on creditworthiness. Popular peer-to-peer lending platforms include LendingClub, Prosper, and Upstart.

Payday Alternative Loans. PALs are short-term, small-dollar loans credit unions offer as an alternative to high-interest payday loans. They often have lower interest rates and more favorable terms. Credit unions across the United States, like Navy Federal Credit Union and First Tech Federal Credit Union, may offer PALs.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

Sources

• Cadence Bank. Personal Loans and Lines of Credit29.08.2023
• WalletHub. Cadence Bank 29.08.2023