BBVA Compass Express Personal Loans Make Borrowing Affordable and Fast

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The average American consumer carried $6,354 in credit card debt in 2017, a nearly 3 percent increase over the previous year according to Experian’s State of Credit survey. Though consumers are only utilizing an average of 30 percent of their available revolving credit, 43 percent are carrying a balance every month—a practice which can easily add up to thousands of dollars in high-interest charges each year.

Fortunately, lower-interest personal loans are a viable solution for many consumers who want to get off the merry-go-round of revolving debt. BBVA Compass, one of the 25 largest U.S. commercial banks with more than 600 branches across seven states, recently introduced the Express Personal Loan to make borrowing to consolidate debt or fund a large purchase as fast as it is affordable.

Fully Digital Application and Approval

“Personal loans aren’t new in the banking world,” Shayan Khwaja, BBVA Compass’s Executive Director of Consumer Lending told RewardExpert. “Banks have been making personal loans for a long time. But over the last few years, fintechs have brought ease of use to the table, improving the consumer experience and making it easier to use personal loans as a financial tool for debt consolidation.”

Launched in March, the BBVA Compass Express Personal Loan is available to consumers within the bank’s footprint including the states of Texas, Alabama, Arizona, Florida, Colorado and New Mexico.

Image via bbvacompass.com
Image via bbvacompass.com

With a fully digital application and approval process that borrowers can complete on their PC or mobile device, the product offers a near instantaneous lending decision for unsecured amounts ranging from $2,000 to $35,000. Borrowers who elect to complete the process at a branch location may access amounts up to $100,000.

The personal loan’s interest rates are competitively low and payment terms are flexible.

“We offer loan terms from 12 months to 72 months,” Khwaja said. “You can choose whatever length of term is best for your situation.”

Same-day funding is available for borrowers with a BBVA Compass checking account. Those who choose to have their payments auto-debited from their account each month also receive a 1 percent interest rate discount.

“As a full-service bank offering online checking accounts as well as a mobile app, consumers will get the most benefit from utilizing our full suite of products,” Khwaja added.

Borrowers Can Save Thousands in Interest Charges

Approved Express Personal Loan borrowers who use the funds to pay off high-interest revolving debt can save literally thousands of dollars in the process.

For example, if you have $15,000 on a high-interest credit card with an 18 percent APR and you’re approved for an Express Personal Loan of $15,000 with a 5.37 percent APR, you’ll reduce your minimum monthly payment (of 4 percent) by about $150 and the interest paid over three years by $7,730.

Loan approval is, of course, subject to eligibility and underwriting. The offered APR will vary based upon creditworthiness, loan amount and term length.

BBVA Compass offers interested borrowers the opportunity to check their rate without affecting their credit score. After entering simple information into the online form, the bank will soft-pull your credit for pre-qualification.

“We’ll give you all the options that might be available to you without affecting your credit score,” Khwaja explained. “We’ll show you the terms including different interest rates and payments. The capability to do all that online without affecting your score is a very strong value proposition, and we’re proud to bring that to our customers.”