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Types of BB&T Personal Loans and their Features

When it comes to personal finance, BB&T brings you a range of personal loans to choose from. Whether you need funds to consolidate your high-interest debts, purchase a boat or a vehicle, make home improvement or pay for education, BB&T has the right loan option for your needs. The bank offers personal unsecured loans and lines of credit, home equity loan, boat and marine lending, deposit/investment secured loan and many more. Provided below is some details about the types of personal loans and finance options made available by the bank.

Personal Unsecured Loans and Lines of Credit

BB&T Bank makes it quite convenient or you to borrow money at competitive interest rates that helps you fulfill your financial goals. The bank provides unsecured loan which is a great way to meet your purchases or expenses. Some of the benefits of unsecured loans include:

  • No requirement for collateral
  • Fixed interest rates
  • Flexible terms
  • Predictable payments
  • Online application
  • Quick approval process

On the other hand, a Preferred Line of Credit from BB&T provides you easy access to funds without any origination fee. The bank does not require you to put any collateral and the availability of low minimum payments and variable rates allow you to get the flexibility while making your repayments. Access to a line of credit brings you the convenience of handling fluctuations in your monthly cash flow.

BB&T Home Equity Loan

If you are looking to finance a large purchase, BB&T offers home equity loan, which is a fixed loan that offers you a one-time lump sum. This loan is taken against the equity value in your home and the loan amount may be determined by the value of your home. You will get fixed rates and flexible terms and there is no prepayment penalty. You are also offered with a set period of time to make your repayments. The fee for the appraisal of your home will also be paid by the bank.

Home Equity Line of Credit

You can unlock the value of your home equity to get a line of credit that offers you access to funds when you need it. You can use the funds for any type of purchases or expenses. A home equity line of credit from BB&T comes with:

  • Competitive variable rate
  • No prepayment penalty
  • No origination fee
  • Interest that may be tax deductible
  • Payment of appraisal fee by BB&T

Boat and Marine Lending

BB&T allows you to refinance your existing boat loan to shorten your loan term and lower your monthly payments. The bank offers flexible repayment terms and interest rates as low as 4.14% APR. Loan term of up to 120 months is made available by the bank.

BB&T Recreational Loan

If you dream for family adventures like trips to a lake or long rides, you can get a recreational loan from BB&T to realize your dream. Eligible vehicles for recreational loan include new or used RVs, pontoons and houseboats, personal watercraft including trailer, motorcycles and ATVs and airplanes. There are no prepayment penalties and flexible rates and terms are offered by the bank.

Deposit/Investment Secured Loan

Sometimes, we need cash but we don't want to withdraw money from our deposit or investment accounts. For such situation, BB&T brings secured loan options that you can avail by using your investments, deposits or life insurance policies as collateral. Types of collateral eligible for the secured loan includes savings, CDs, life insurance, mutual funds, bonds and brokerage accounts. The bank offers loan to value ratio (LTV) of up to 100% depending on the type of collateral.

You can get assistance from a bank representative while choosing your loan option. For new mortgage and refinance assistance, call 800-476-4228. Call 855-895-8228 for home equity loans and 888-562-6228 for home equity lines.

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