Eastern Bank Personal Loans review
Sometimes we need a little extra help to finance those big life moments. Whether you need a personal loan to refurbish your home or pay for a wedding, Eastern Bank can help. Check out our full review!
Eastern Bank Personal Loans: Achieve your financial goals with Eastern Bank!
Everyone’s prone to money problems every now and then or an unexpected urgent expense to take care of. So, in this Eastern Bank Personal Loans review, we’ll look over the top features of a great loan alternative.
Founded in 1818, Eastern Bank offers a series of financial products to its clients on eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island.
Their personal loans feature low fixed rates and flexible repayment plans up to 60 months.
- APR: Fixed rate between 7.99% – 16.99%.
- Loan Purpose: Debt consolidation, home improvement, big purchases and more.
- Loan Amount: From $2,000 to $25,000.
- Credit Needed: You can qualify for a loan with a fair score.
- Terms: 12 to 60 months.
- Origination fee: There is none.
- Late Fee: No information available.
- Early Payoff Penalty: There is none.
They offer autopay discounts, there’s no origination or prepayment fees and you can use the money for a series of different purposes.
Applicants can borrow up to $25,000 depending on their financial situation and count on consistent monthly payments for the life of the loan.
If you reside in any of the areas covered by Eastern Bank and would like to take a closer look at what they have to offer, keep reading our Eastern Bank Personal Loans review to learn more.
Eastern Bank Personal Loans: how does it work?
Eastern Bank is an established financial institution that offers a wide range of products to its clients. One of these products is their personal loan.
You can borrow from $2,000 to $25,000 with a monthly fixed rate between 7.99% and 16.99% depending on your creditworthiness.
The personal loan is available for residents of eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island.
The loan’s terms are anywhere between 12 and 60 months. There are no origination or prepayment fees. Plus, you can borrow for a series of different purposes such as home improvement and big purchases.
Eastern Premier or Select checking account customers with the lowest rate qualify for a 1.0% autopay discount.
Applicants without an Eastern Premier or Eastern Select checking account who bank with Eastern Bank qualify for a 0.5% autopay discount.
The application is simple and can be done online, via phone, or at a physical branch. Eastern Bank accepts loan applicants with a fair credit score.
It also reports all account activities to the three main credit bureaus in the country.
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Significant benefits and disadvantages you may find
Next in our Eastern Bank Personal Loans review, we’ll look over the highlights and lowlights the loan has to offer.
That way, you can make the best decision according to your finances.
- Competitive rates start at 7.99%;
- Accepts applicants with a fair credit score;
- No origination or prepayment fees;
- Applicants can borrow up to $25,000;
- Flexible repayment terms up to 60 months;
- Reports all monthly payments to credit bureaus.
- Only available to a restricted area;
- Only available to Eastern Bank customers.
Is a good credit score required for applicants?
You can apply and qualify for an Eastern Bank personal loan with a fair credit score.
However, it’s important to note that the interest rates and loan amount may vary according to your current financial situation.
Learn how to apply and get an Eastern Bank Personal Loans
If after reading this Eastern Bank Personal Loans review you want to learn more details on how to apply, we can help.
Follow the link below for a simple walkthrough of the process and qualification requirements.
About the author / Aline Barbosa
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