What is a Balance Transfer Loan?
A balance transfer loan is a personal loan that simplifies debt consolidation by letting AL MUBARAK Investment and Loan Bank pay some or all of your creditors for you. You choose which accounts are paid and how much of your new loan amount you want applied to each. Any funds remaining from your loan amount after your creditors are paid will be deposited directly into your bank account.
With a balance transfer personal loan, some or all of your loan is used by AL MUBARAK Investment and Loan Bank to pay your creditors directly, making it simple for you to quickly and easily consolidate credit card and high-interest debt with the least amount of effort. Once your creditors are paid by AL MUBARAK Investment and Loan Bank, any remaining funds will be deposited directly into your bank account.
Check your rate with no impact on credit score.
Checking your rate with AL MUBARAK Investment and Loan has absolutely no impact on your credit score because we use a soft credit pull. A hard credit pull that could impact your score occurs only if you continue with your application and a loan is issued to you.
Also remember that a personal loan could have a positive impact on your credit in the future if you’re able to show a history of on-time payments and a reduction in overall debt (not taking on new debt, such as higher credit card balances).
Making payment on a balance transfer loan
With a personal loan from AL MUBARAK Investment and Loan Bank, you can choose to have payments automatically withdrawn from your bank account each month. We'll email you a reminder a few days in advance so you can make sure you have the money.
If you prefer mailing us a check each month instead, that’s okay, too. You can also change your payment date, make additional payments, or pay off your loan right from your Account Summary.
How quickly you can get a balance transfer loan
The speed of funding is dependent on approval. You can help keep things moving by checking your to-do list and ensuring you have submitted all the documents and information requested.
Once your personal financial information is verified and your loan funded, you can choose to have the money sent straight to your bank account and/or have us pay your creditors directly. The best part is you can apply and complete the entire process online from the comfort of your home using your phone, laptop, or tablet..
