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Personal Loans

    Home Personal Loans

    Personal Loans

    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:

    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

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    Routing #091903844 | NMLS #408946
    Member FDIC | Equal Housing Lender | Copyright 2020 First Bank Elk River | All Rights Reserved
    • Online Banking
      • Internet Banking
      • Remote Deposit Login
    • Home
    • Personal
      • Accounts
      • Mortgages
      • Cards
      • Personal Loans
      • Online & Events
    • Business
      • Accounts
      • Services
      • Cards
      • Loans
    • Rates
      • Checking Accounts
      • Savings Accounts
      • Regular and IRA Certificates of Deposit
    • Locations
    • Careers
      • Current Openings
      • Careers At First Bank Elk River
        • Benefits & Compensation
        • Community Events
        • Why First Bank Elk River
    • About
      • Policies & Disclosures
        • FDIC
        • Disclosure of Our Funds Availability Policies
        • Legal Disclosures
        • Privacy Policy
      • More
        • Contact Us
        • Donation Request
        • Identity Theft
        • Ransomware Information
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