Tell us your need and some basics related to your current financial situation. Our bankers will work with you to determine the funding approach that is most appropriate for you. We have the following fixed-term, fixed-rate products at our disposal:
Personal Loans
Personal Loans
Home Equity Loans
An excellent borrowing vehicle that may provide you with the opportunity to deduct the interest you pay from your annual income taxes by leveraging the equity you have accumulated in your home as collateral. Consult your tax advisor to be certain.
Installment Loans
Most often used for the purchase of automobiles, motor homes, and recreational vehicles. An Installment Loan is typically secured using the vehicle that is to be purchased as collateral.
Personal Loans
Used for anything from the payment of medical bills or tax payments, to funding a family vacation. Personal loans can be either secured by collateral or unsecured. Due to increased potential risk for the bank, interest rates for unsecured loans are typically significantly higher than those for loans that are secured by collateral.
From Ready Cash to Home Equity Lines
First Bank Elk River offers two types of personal credit lines.
Ready Cash
A flexible revolving line of credit linked directly to your First Bank Elk River
checking account. Ready Cash features:
- Line amounts from $300 to $2,500
- No collateral required
- If your account balance dips below zero, your line of credit will automatically transfer funds to cover the negative balance (in $200 increments up to your credit limit)
- Economical automatic monthly payment of either 5% of your outstanding balance or $25.00, whichever is greater
- No penalties for early payoff
- Reuse your revolving line; no need to apply for additional credit
Home Equity Line of Credit
Leverage the equity in your home to pay off high interest debt, purchase a new vehicle, or fix up the house. Home Equity Line features:
- Minimum – $5,000
- Competitive interest rates
- Variable interest rates
- No penalties for early payoff
- Check-writing capabilities
- Minimum advance of $500
