Unsecured Personal Installment Loans (PIL)
An Unsecured Personal Installment Loan is an installment loan that does not require
collateral. Since the product is unsecured, it is ideal for your customers who may not be
homeowners, or who have a one-time borrowing need.
These loans can be used for a variety of items such as:
- Home Improvement
- Debt Consolidation
- Education Financing
- Vacation
- Other Purchase/Obligation
Some of the key features and benefits of the unsecured personal loan product are:
Features |
Benefits |
| Fixed rate. | Security – cost of borrowing known at the time of origination. |
| Fixed monthly payments. | Easy budgeting and record-keeping. |
| No application fees. | Saves money. |
| Payment may be made via a coupon book or automatically deducted by Automated Clearing House (ACH)* from another Bank’s checking or savings account. | Customer has choice of the most convenient payment method. |
| No collateral required. | Fast turn-around and limited documentation required. |
| Financing available from 12-48 months. | Payment structured to fit customer’s budget. |
*ACH is an automatic deduction system that is similar to (IDS) Insurance Deduction Services.
Also see the "At a Glance" chart. This chart presents the most critical aspects of the products.