Personal loans can come really handy when you have an immediate expense such as renovating your house, planning a vacation, settling your credit card bills or even for buying a new car. BancorpSouth is a well-known bank in the United States that has a variety of loan products suiting your needs. However, all loans are subject to credit approval and would be considered as secured loans.
Personal Installment Loans
Installment loans work similar to a personal loan. It has a fixed number of monthly payments along with interest calculated over a period of time. Bancorp installment loans are secured loans, which means you will have to show any asset in the form of collateral. The bank does not ask you to provide the reason for personal loan as long as you meet their requirements.
BancorpSouth has branches in eight states of America and 300 local offices. Personal loan products are available in the form of home equity loans or home equity lines of credit too. Customers are free to choose any of the loan product to fit their individual borrowing needs. BancorpSouth can also be approached through mobile banking or Internet banking.
Credit Score Requirements
The bank has clearly stated on its website that final loan approvals are granted only to those who have a good credit score. It does not encourage people with poor credit to apply for a loan. It has stringent credit score requirements and other formalities that have to be completed in order to be eligible for a loan.
Having said so, every bank has its own way of measuring a customer’s credit score. Some banks perform a soft credit check, whereas the others ask you to submit a detailed report of your credit. It is best to get in touch with a BankcorpSouth’s loan official for more information on the minimum credit score required.
If we look at some of its online reviews, it is sad to know that customers are disappointed with the bank’s working. Some customers claim that the bank does not clearly state all the fees charged towards a personal loan. At times customer’s accounts are debited against such hidden charges without even giving any prior notice.
At times customers are also charged double, if the time taken for transferring funds gets too long. Although their online banking is easy to understand, but it makes customers wait for hours together even for a single transaction. Customers also claim that their online accounts get locked automatically. It becomes a pain when they have to call up the customer care and place a request for unlocking accounts.
After having read online reviews, it can be said that each and every bank has its own pros and cons. BancorpSouth has been an integral part of lending. It not only has several branches but a good experience in banking. It is difficult to make decisions based on online reviews, and therefore, it is best if you can ask the bank officials to clear out all the charges beforehand.