Loan FAQ

with Pacific National Funding

A personal loan is one method of borrowing money from a bank, credit union, or online lender. The loan will be repaid in fixed monthly payments, or installments. Most loans are taken out over 2 to 5 years. These types of loans are referred to as unsecured loans because they are not backed by collateral. This means that the borrower is not putting any of their assets up as a guarantee against the loan, which means that if they stop paying the loan, they are not at risk of losing their car or another asset. Secured loans are typically cheaper in terms of interest rate, but that is because the asset is then at risk.

The rate of interest charged on a personal loan is usually significantly cheaper than the typical rates charged on a credit card. In most cases, the amount of credit you can borrow is also much higher on a personal loan. In fact, in many cases, it may be beneficial to take out a personal loan and transfer all of your credit card debt into one personal loan. This is commonly referred to as a consolidation loan. This would then mean that you only have one payment and would pay significantly less interest throughout the course of the loan.

There are no limitations or restrictions on what you can use the money for; in fact, the only limit is your imagination. People use personal loans to pay for holidays, cars, medical treatment, weddings, or even emergency repairs.

Lenders have to be responsible in who they lend money to, and so every loan decision is made on the individual circumstances of the applicant. The factors which we take into consideration will include your credit score, your credit report, and your debt-to-income ratio. At Pacific National Funding, we do everything possible to make sure that our customers qualify for a loan, but we are also conscious of the fact that we do not want to set you up to fail.

The Annual Percentage Rate (APR) is a standard way for the borrower to compare the cost of a loan. It is different from the interest rate because it includes other factors than just the interest rate, such as fees. It essentially tells you the cost of the loan over a year, which should make it easier for borrowers to compare different loan products.

Every personal loan product we offer is different, which is why our friendly staff will explain the different options available to you when you begin the process. There are some loans that allow you to overpay every month and others where early repayment or overpayment is not an option.

We care for you, that's what we do.

See what other people are saying.

A year and a half ago a medical emergency buried me in debt. Thanks to the team at Pacific National I was able to lower my bills and pay of my debt on my terms and at a rate that I could afford.

Jessica A.

47 Years Old

Some bad business decisions put me in the hole. I didn't want to go bankrupt so I contacted Pacific National. They helped me get my debt down to a manageable amount and I couldn't be happier with my decision to call them.

ohn O.

53 Years Old

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