A signature loan, also known as a good faith loan or character loan, is a type of personal loan offered by banks and other finance companies that uses only the borrower’s signature and promise to pay as collateral. A signature loan can typically be used for any purpose the borrower chooses, although the interest rates may be higher than other forms of credit due to the lack of any real collateral.
To determine whether to grant a signature loan, a lender typically looks for a solid credit history and sufficient income to repay the loan. In some cases, the lender may require a co-signer on the loan, but the co-signer only signs a promissory note and is only called upon in the event the original lender defaults on his payments.
Blackstone Financial Services has developed some very good relationships with lenders who are very liberal with their signature loans. The amount of the loan and interest rates will vary but typically range from 10k to 50k
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