Q:How do I apply for a loan?
A: Apply in person by visiting one of our branch offices. Or call our office and we’ll take your application over the phone. Click here to choose the branch office most convenient to you. Contact Us
Q:What information do I need to provide?
A: A recent pay stub or most recent tax return if you are self-employed. Information on the collateral you are offering. Example, if you are purchasing a vehicle, have the VIN number, mileage and other information on the vehicle you wish to purchase.
Q: If I apply over the telephone or on-line how will I find out if I’m approved?
A: We will call you with the loan decision. If your request is approved we will schedule a time for you to come into the office most convenient for you to sign the loan documents.
Q: What is a Consumer Loan?
A: A consumer loan is a loan granted for consumer products and services and is often referred to as a personal loan.
Q: What is collateral?
A: Collateral is what you offer the bank to secure your loan. The value of the collateral should be enough to cover up to 100% of the amount of your request. In the event of default, the collateral is liquidated to pay the balance due on the loan.
Q: Can I use my Certificate of Deposit or IRA Account as collateral on a loan?
A: An IRA or any other type of retirement account cannot legally be used as collateral for a loan. Certificates of Deposit may be offered as collateral. Normally, the loan rate is a certain percentage above the certificate rate. The term of the loan should match the term of the certificate.
Q: What is a signature loan?
A: A short term loan based on your creditworthiness and complete financial picture. There is no collateral. Your signature is the guarantee of payment.
Q: What’s the difference between a Home Equity Line of Credit and a Home Equity Loan?
A: Much like a credit card, a Home Equity Line of Credit (HELOC) is a revolving line of credit giving you a set amount of funds available to use, and re-use as you pay down the balance. The interest rate is variable and payments vary monthly based on your outstanding balance. A Home Equity Loan is a fixed rate loan with a pre-determined term and fixed monthly payments.
Q: What’s the difference between a fixed rate and a variable rate?
A: A fixed rate will remain the same for the term of the loan. The variable rate will be periodically adjusted with the Wall Street Journal Prime Rate.
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