This Signature One Financial Review

In this Signature One Financial Review we will be reviewing Signature One Financial Personal Unsecured Loans.  Our reviews of these Signature One Financial personal unsecured loans will be based on actual testimonials and some of the facts regarding Simple Interest vs Compound Interest.

Signature One Financial Review Including Client Testimonials

Earlier this year we started Phase 2 of the Signature One Financial Reviews by contacting the principles at Signature One Financial and requesting permission to make random contact with the Signature One Financial client base. We were pleased at the response from Signature One Financial in permitting the CFRB to make contact with the Signature One Financial client base in order to further our Signature One Financial Reviews.

Signature One Financial Personal Unsecured Loans Perfect For Debt Consolidation

In the this CFRB Signature One Financial client testimonial review we discovered that over 90% of the Signature One Financial Personal Unsecured loan clients used the personal unsecured loans for debt consolidation primarily to pay off high interest credit card debt.  This statistic is due in part to the marketing done by Signature One Financial where they send out pre-selected notifications to consumers who fit a specific criteria that provides Signature One Financial with their highest degree of success as discussed in previous Signature One Financial Reviews and the mathematics behind Simple Interest vs. Compounding Interest.  In this Signature One Financial Review we will look at the difference between Simple Interest vs. Compounding Interest and the Signature One Financial personal unsecured loan and why it is perfect for debt consolidation when paying off high interest credit card debt.

Signature One Financial Review “How Do They Do It”

In this part of the Signature One Financial Review we ask the question “How Do They Do It”?  In reviewing Signature One Financial clients we were amazed to discover how many people with damaged credit or low credits scores were able to qualify for a Signature One Financial Personal Unsecured Loan. For example one client in particular amazed us. For the sake of identity protection we will simply refer to this client as Jane.

“Jane received a letter from Signature One Finacial in the mail stating that she had been pre-selected to receive a personal loan from Signature One Financial for up to $35,000.00. She needed the money to pay off high interest credit card debt but she knew her credit was less than needed for this type of loan.  Jane gave it a shot and called Signature One Financial and applied for the loan.  Jane was contacted the next day and informed that her credit score through Experian was 537 and that this is considered a very low credit score. The Signature One Financial representative continued to counsel Jane on why the credit score may be so low and what she could do to improve her credit score and maintain it in the future. Jane felt as if she was being let down gently but still appreciated the advice from the Signature One Financial representative. At that moment the Signature One Financial representative informed her that she was approved for a personal unsecured loan with a fixed interest rate and a term of either 3 or 5 years”.

What we said approved with a 537 credit score?  It would be hard to get a secured loan with a 537 credit score!

And that is just one of many testimonials about Signature One Financial and why we maintain our 5 star rating in our Signature One Financial Reviews.

Signature One Financial Review, Personal Unsecured Loans Are Great For Debt Consolidation

 

In this part of the Signature One Financial Review we look at the Signature One Financial Personal Unsecured Loan and why it is perfect for debt consolidation. To do this we will look into the mathematics of Simple Interest vs. Compounding Interest, but first let’s state some aspects of the Signature One Financial Unsecured Personal Loan and Credit Card debt.

The Signature One Financial Unsecured Personal Loan components are as follows:

  • Simple Interest
  • Fixed Rate
  • No Pre-Payment Penalty
  • 3 or 5 year Term

Credit Card debt components are as follows:

  • Compound Interest
  • Interest compounded against average daily balance
  • Variable Rate
  • Minimum Payments Can Go On For many Years

Simple Interest vs Compound Interest

  • Simple interest is applied to the principle loan amount
  • Compound interest is applied not only to principle amount but also to the interest it accrues.
  • Most credit cards compound their interest on an average daily balance

The mathematics for calculating simple interest are fairly simple as compared to the mathematics for calculating compound interest, but since compound interest charges interest on the interest that has accrued on the balance, carrying any balance on credit cards for more than a few months becomes very expensive. Add to that compounding interest on an average daily balance credit cards can cost you many times over the amount you originally charged.

Most consumers do not understand the complexities of the mathematics behind the compounding of interest on their credit cards making it extremely easy to get caught up in a web of credit card debt that may seem impossible to escape.

With a personal unsecured simple interest loan like the ones Signature One Financial provide you are able to stop the compounding of interest on your debt and save thousands of dollars by paying off your debt with simple interest as well as the possibility of monthly payment relief.

Signature One Financial Review Maintains A 5 Star Rating

Due to the business model and commitment to serve the consumer as supported by consumer testimonials the CFRB maintains its original 5 star rating in this Signature One Financial Review.

As always the CFRB encourages your comments on this and all the reviews published through this website.

Staff Writer