Taking Out A Personal Loan

If you need to cover the cost of surprise expenses, taking out a personal loan at First Bank is a great place to start. Some people take out personal loans to cover the cost of large medical bills, others may take out a personal loan to fund a month-long family trip to Europe.

Taking Out a Personal Loan

How to Get a Personal Loan: What You Need to Know

If you’ve never taken out a personal loan before or aren’t even sure what a personal loan is, don’t worry. Taking out a personal loan at First Bank is easy.

Before you get started, here are a few things you should know:

  1. Personal loans are typically unsecured, which means you may not have to put up collateral to secure the loan. First Bank has two types of personal loans, First Line and CreditLine.* First Line is a personal line of credit that provides you instant borrowing power. With First Line, you may be required to put up collateral to secure the loan. CreditLine is an overdraft protection account. You can also use CreditLine to borrow money up to your overdraft limit.
  2. Personal loans usually have a fixed amount. The amount of your personal loan varies depending on your needs and on your credit carting. 
  3. Personal loans typically have fixed interest rates. A fixed interest rate means the rate never changes throughout the duration of the loan, however some personal loans may have a variable interest rate that changes periodically.

  4. Personal loans usually have a fixed repayment period, and the amount of interest you pay could depend on the length of the loan.

At First Bank, we understand that your needs are varied, and the same loan that works for Joe down the street might not work for you. That is why we offer two types of customized personal loans, each built to meet your specific needs. For more questions about taking out a personal loan at First Bank or any of our other banking services, visit a First Bank branch near you.

Looking for more information on personal loans? Check out these articles:

Best Personal Loans – North Carolina

Short Term Personal Loans

First Bank Loans

Ways to Influence a Personal Loan Rate

*Loans subject to credit approval.


Credit: http://credit.about.com/od/avoidingdebt/a/basics-of-personal-loans.htm