The advantages of a personal loan

Sometimes you don't have enough cash to finance the project of your dreams. Planning a wedding, traveling, changing cars, or doing chores are expensive life projects that sometimes require a personal loan.

At FIRST CITY BANK OF NEW YORK , we are offering you a new 100% online personal loan experience for the financing of your project; you can sign your contract remotely and directly download your documents required to complete your personal credit report. This online personal loan application experience is simple, fast and transparent. A financing solution that allows you, in addition, to benefit from a particularly attractive fixed annual borrowing rate (or annual percentage rate). Enough to bring your project to life without having to worry about the next day!

What is a personal loan?

A personal loan is a credit that is said to be "unaffected". Indeed, the amount borrowed from a personal loan does not correspond to the precise purchase of a property (car, motorcycle, real estate, etc.). Therefore, the personal loan is not triggered on presentation of an invoice as for "assigned" loans, but simply meets a household cash requirement. Ultimately, the borrower is free to use the amount of the loan as he sees fit, whether for financing a consumer good (car, refrigerator, food, etc.) or for any other service. This type of credit can be issued either by a bank or by a financing organization specializing in loans.

The repayment of a personal loan is usually done every month. Its duration, stipulated in the contract, varies according to the amount of the loan and the financial capacities of the borrower. The monthly payments take into account the total amount of the loan and its duration, the APR (annual percentage rate) as well as the insurance, if the borrower has subscribed to it.

What about borrower death insurance?

Before granting credit, the lender may require the borrower to take out insurance. And this, although the law does not require it. In any case, it is in the borrower's best interest to consider this optional insurance. Because in the event of a payment incident resulting, for example, from loss of employment or death, it is the insurance that will reimburse the outstanding capital.

It is also important to know that, even if the lender offers you to insure your personal loan, you are free to contact the establishment of your choice.

Supporting documents to set up a personal loan file

The acceptance of a personal loan depends mainly on the resources and assets of the applicant. It is indeed crucial to ensure, upstream, that its financial situation and capital will enable it to meet the monthly repayment installments.

Thus, for the assembly of your file, FIRST CITY BANK OF NEW YORK requests the supporting documents required by law or in accordance with the practices of banking establishments. However, we will not ask you to provide original documents: you just need to upload your supporting documents on our platform.

Finally, you will be asked to provide a complete file to be able to obtain a loan offer.