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Unraveling Cadence Bank Loan Options: A Closer Look

Choosing the right loan can be a daunting task. Cadence Bank stands out with its flexibility, catering to a variety of financial scenarios. Whether you're embarking on a renovation, eyeing that dream car, or pursuing education, we delve deep into the nuances of Cadence Bank's offerings. Discover tailored solutions, interest rates, and essential tips to navigate your financial journey with confidence.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 28.02.2024*
Finanso
Personal Loans
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
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2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
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Submit One Loan Application Online!

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Cadence Bank
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Cadence Bank Loan Calculator

Use our loan calculator to get data on possible loan amounts, interest rates and repayment schedules. It is an indispensable tool for your lending needs.

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The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

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

Pros

Flexible Loan Options. Cadence Bank provides both secured and unsecured personal loan options, allowing customers to choose the best fit for their financial needs. Secured loans backed by assets offer potentially lower interest rates.

Wide Range of Purposes. The bank's personal loans can be utilized for various purposes, such as purchasing a car, financing recreational vehicles, credit score improvement, or accessing funds secured by savings or CDs.

Competitive Interest Rates. Cadence Bank ensures that its personal loans come with reasonable and competitive interest rates, making borrowing more affordable for customers.

Personalized Loan Terms. Borrowers can benefit from personalized loan terms, allowing them to tailor the loan duration and repayment schedule to their specific financial circumstances.

Credit Score Building. The credit score-boosting loan option enables individuals with credit challenges to rebuild their credit history by demonstrating responsible borrowing behavior.

Cons

Limited Online Application. A potential downside is that the application process lacks online processing, requiring customers to visit a physical branch or use the contact form, which might be inconvenient for some applicants.

Website Information Gap. The absence of comprehensive loan information on the website might make it difficult for potential borrowers to access detailed terms and conditions before initiating the application process.

How to Apply for a Cadence Bank Personal Loan?

Apply For a 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.

Requirements

  1. Age and Residency. You must be of legal age, which is typically 18 years 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

Apply For a Loan

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.American Express

Home Equity Loan and HELOC

Apply For a Loan

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.Wells Fargo

Personal Lines of Credit

Apply For a Loan

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.U.S. Bank

Peer-to-Peer Lending

Apply For a Loan

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.LendingClub

Payday Alternative Loans (PALs)

Apply For a Loan

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.Navy Federal Credit Union

Editorial Opinion

Cadence Bank presents itself as a reliable financial partner, yet the absence of essential loan details on its website raises red flags. Borrowers are left wondering about the interest rates, loan durations, and repayment options, including lines of credit or traditional home loans. Moreover, in a world where customers seek seamless interactions, the lack of transparency on Cadence Bank's website leaves borrowers wondering if they'll be left to ride a bike on rough terrain. The absence of readily available details forces individuals to seek alternative ways of acquiring necessary information, like contacting a customer service representative.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about personal loans and best practices, check out some of the following resources:

Sources

FAQ

What credit score do you need for a Cadence Bank personal loan?

Generally, personal loan eligibility and the credit score needed for approval can vary among banks and depend on the loan type. A higher credit score often improves the likelihood of loan approval and may lead to better interest rates and terms. Borrowers with excellent credit scores (typically 720 or above) are more likely to qualify for competitive loan options.

How fast does Cadence Bank approve loans?

Loan approval times can differ based on the bank's internal processes and the complexity of the loan application. Banks may take a few business days to a couple of weeks to review and approve personal loan applications.

Does Cadence Bank verify income?

Most banks verify a borrower's income to assess their ability to repay the loan. This verification process helps determine the loan amount and the borrower's debt-to-income ratio. Income verification can involve providing pay stubs, tax returns, or other documentation that proves a stable and sufficient source of income.