How do Wachovia Bank secured personal loans stack up and do they equate to a notably good deal for the consumer? In recent years the Wachovia Bank has been the number one retail bank on many occasions as defined by ACSI (the American Customer Satisfaction Index). But does a notably good customer service experience have any bearing on the quality of financial services offered by the Wachovia Bank?
This article is intended to give a summary of Wachovia Bank secured loans and how a prospective borrower might benefit from applying for one.
Wachovia Bank’s History in the Secured Personal Loans Market
Wachovia Bank has a long history as a lender. Indeed one of the corporation’s founding “parents” was the Wachovia Loan and Trust Company, which merged with the Wachovia National Bank in 1911 to form the Wachovia Bank and Trust Company. At the time this was the largest banking organization in the in the Southern US.
What Can a Wachovia Secured Loan Be Used For?
A Wachovia secured loan can be used for the purchase/payment of many different items or events such as weddings, credit card debt consolidation, holidays or medical bills, in fact almost any major purchasing expense. You can choose from a number of different flavors of secured loans through Wachovia according to your needs such as:
- Wachovia Negotiable Collateral Loans - The security for this type of loan comes from your savings accounts, CDs, stocks or bonds.
- Mobile/Manufactured Loans - A Wachovia loan secured secured against your mobile or manufactured home.
- Miscellaneous Secured Loan - The security for this type of loan is the actual product itself that you require the Wachovia loan to buy.
As secured personal loans involve less risk for banks than unsecured personal loans, Wachovia’s extends lower rates to successful applicants of its secured personal loans program than to successful applicants of its unsecured personal loans program.
Why Apply for a Wachovia Bank Secured Loan?
Subject to credit verification, Wachovia Bank secured personal loans can offer a borrower:
- A minimum loan amount of $7,500.
- A minimum term of 2 years.
- Payment free days (the number of which is dependent upon existing loan arrangements and your new Wachovia loan arrangement).
- Wachovia is an Equal Credit Opportunity Lender.
Making an Application for a Wachovia Bank Personal Loan
When applying for a Wachovia personal loan you will need to supply the bank with the following information:
- Details of the residential property you own such as its value.
- The balance of the mortgage account for the property.
- Your current creditors and the debts you owe to them.
- Details of your employment and income.
You must be aged 18 years or older to apply for a Wachovia secured loan and you must have acceptable collateral for the secured loan arrangement you which you are applying.