Personal Revolving Loans and Personal Loans?
I’m trying to apply for a personal loan so I can make a residence change. I’ve never had a loan besides a student loan and I have an account with bank of america. I was wondering what the difference between their personal revolving loans and their personal loans were. Also, do I have to have a cosigner and any other information you could provide would be great. Thanks!
I don’t really have a lot of credit as I just got an A/X blue card and a bank of america visa card with a $3,000 limits but under my parents account. They have A1 credit. Both of these cards have my actual name on them though.
I would start at your personal bank then. A Personal loan is a one time loan that will give you up to a certain amoutn of money and then when you pay that off you will have to reapply for credit again. The revolving account is an open line of credit that you will not need to keep applying for.
Hope this helps!
Good Luck!
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