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Discover Synchrony Bank Loans: Your Bridge to Major Purchases

Whether you're looking to finance home improvements, a new vehicle, or fulfilling personal hobbies, Synchrony Bank Loans are your go-to solution. Designed to fit your budget, our loans provide a strategic way to make large purchases without derailing your financial stability. Step into a world where affordability meets aspiration with our tailor-made loan plans.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 27.02.2024*
Finanso
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
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
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Synchrony Bank
Synchrony Preferred Mastercard®
Rating by Finanso®
i

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
Rate
i

Effective interest rate on the product

18.24 – 31.24 %
Synchrony Bank Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

Loan amount
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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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Choose the interest rate on the loan

5 %
30 %
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
Discover Synchrony Bank Loans: Your Bridge to Major Purchases

Synchrony Bank is a well-established and reputable financial institution that offers its customers a wide range of banking and financial services. As an online bank, Synchrony has built a strong reputation for providing high-quality savings accounts, certificates of deposit (CDs), and other deposit products with competitive interest rates. Customers appreciate the convenience and accessibility of managing their accounts through Synchrony's user-friendly digital platform. With a commitment to customer satisfaction, Synchrony Bank emphasizes security and reliability, safeguarding their clients' funds and personal information.

Synchrony Bank Personal Loans

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While Synchrony Bank, as a provider of retail credit cards, excels in offering a comprehensive range of financial products, it's important to note that this bank does not currently offer personal loans.

The bank's clients can choose from diverse options, including Certificates of Deposit (CDs), savings accounts, money market accounts, and credit cards, to efficiently manage their finances, save, and invest.

If you're looking for financing options, Synchrony Bank's retail credit cards provide excellent choices. Credit cards may be even more convenient, as credit cards allow borrowers to decide on their fixed monthly payment amount, unlike personal installment loans, where fixed monthly payments are made until the loan is fully paid off.

Products Offered by Synchrony Bank

Synchrony Bank collaborates with numerous popular retailers to offer co-branded credit cards. These credit cards come with specific benefits and rewards tailored to the retailer's products and services. Customers can earn cashback, discounts, and other incentives while using these cards for purchases. Synchrony's credit cards are a valuable financial tool for loyal customers of their partner retailers, providing a loyalty discount and other exclusive offers.

When you make a promo purchase, make sure to check the purchase date and understand the promotional financing options available. Pay your required minimum monthly payments on time to avoid additional charges. For each billing cycle, the payment allocation will be applied first to your minimum payment, with the remainder applied to your highest balance applicable.

In addition, existing cardholders can take advantage of budget-friendly promotional financing choices, making it easier to manage their expenses with fixed monthly payments. The simple application process includes fast credit decisions, ensuring a convenient experience, especially for those on a small budget.

When applying for a credit card with Synchrony Bank, credit approval is subject to credit approval criteria, and regular account terms apply to all purchases, including non-promotional ones. Each month, you'll have a monthly payment based on your purchase volume and the total amount due. Remember, the next highest whole dollar will be applied as the minimum payment required.

Make your purchases wisely and pay on time to avoid any additional charges. Remember that the purchase amount, monthly interest, and the number of payments will be determined by the promotional financing options available to you.

Alternatives

Prosper

Apply For a Loan

Prosper is another peer-to-peer lending platform that provides personal loans to borrowers. Similar to LendingClub, they offer competitive interest rates and fixed repayment terms. Prosper's loan application process is typically quick and straightforward.Prosper

SoFi

Apply For a Loan

SoFi is an online lender that offers various financial products, including personal loans, student loan refinancing, mortgages, and investment options. They often provide low-interest rates and unique benefits, such as career coaching and member events.SoFi

Ally Bank

Apply For a Loan

Ally Bank is an online-only bank that offers a range of banking products, including checking and savings accounts, CDs, and investment options. They are known for their competitive interest rates and fee-free accounts, making them an excellent alternative to traditional brick-and-mortar banks.Ally Bank

Varo Bank

Apply For a Loan

Varo Bank is an online bank that offers various banking services, including checking and savings accounts. They focus on providing mobile-first banking with no monthly fees and competitive interest rates on their savings accounts.Varo Bank

Navy Federal Credit Union

Apply For a Loan

Navy Federal Credit Union is the largest credit union in the United States, serving military members, veterans, and their families. They offer various financial products, including checking and savings accounts, personal loans, mortgages, and credit cards, often with competitive rates and benefits.Navy Federal Credit Union

Editorial Opinion

In the competitive landscape of digital banking, Synchrony Bank differentiates itself with an impressive range of financial products and a customer-focused approach. Though lacking in personal loans, the bank compensates with flexible and benefit-rich credit cards. These offer consumers the ability to set their own monthly payments, contrasting the rigid structure of traditional installment loans. Synchrony's collaborations with top retailers have led to co-branded credit cards that offer unique benefits, adding value for their clients. However, prudent financial management is essential to avoid additional charges. In a broader perspective, other institutions like Prosper, SoFi, and Ally Bank offer robust alternatives. In conclusion, despite the absence of personal loans, Synchrony Bank's comprehensive offerings, security, and user-friendly digital platform make it a competitive choice in the digital banking sphere.

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 is a good credit score for Synchrony Bank?

Like most other financial institutions, Synchrony Bank does not publicly disclose a specific "good credit score" requirement for its products. The credit score needed to qualify for Synchrony Bank's financial products, such as credit cards or loans, can vary depending on the specific product and the individual's overall creditworthiness.

What types of accounts does Synchrony Bank offer?

Synchrony Bank offers a range of accounts to suit various financial needs. These include high-yield savings accounts, money market accounts, and Certificates of Deposit (CDs). Their high-yield savings account allows customers to earn competitive interest rates on their savings, while the money market account offers higher interest rates with check-writing privileges. CDs provide fixed-term savings options with attractive rates for those looking to grow their money over time.

Does Synchrony Bank offer credit cards for retail purchases?

Yes, Synchrony Bank is known for its partnership with popular retailers, offering co-branded credit cards that provide unique benefits and rewards for retail purchases. These credit cards are tailored to the specific retailer's products and services, allowing customers to earn cashback, discounts, or special financing options. Synchrony's credit cards serve as a valuable financial tool for loyal customers of their partner retailers, enhancing their shopping experience while offering financial flexibility.