Personal Borrowing

Taking out personal loans with Core Bank is simple and convenient thanks to our streamlined application process, diverse selection of loans and lines of credit, and helpful staff. Contact our team of lending experts to find out which borrowing option is best for your needs.

Home » Personal » Borrowing

How Can I Use a Personal Loan?

You can use your personal loan as flexible cashflow to support major life changes, whether an unexpected expense or planned event.

  • Consolidate Credit Card Debt
  • Fund Your Education or Wedding
  • Renovate Your Home
  • Finance a Vehicle
  • Plan a Vacation
  • Cover Medical Bills

No matter how you choose to use your personal loan, Core Bank is passionate about delivering you the best experience imaginable.

Why Choose Core Bank for Your Personal Loan?

At Core Bank, we offer low-interest personal loans with flexible loan payments that are competitive with our local banking community. Our remarkable customer service team always puts you first and is here for you when you have questions.

​Types of Personal Loans at Core Bank

Core Bank has a variety of secured and unsecured personal loans to help you make your next major purchase. Whether you’re looking to buy a new vehicle, remodel your home, start a small business, cover emergency expenses, or take on another personal expense, Core Bank has the options you need.

Secured Loans

Secured loans are protected by assets you keep with Core Bank to back the loan, such as a home, car, or any other financial assets you have. With secured loans, you get a higher borrowing limit and lower interest rates compared to unsecured loans. These small personal loans are usually easier to get and are useful for individuals with a poor credit history or are looking to rebuild credit.

Unsecured Loans

Unsecured loans, or signature loans, do not require collateral as security, meaning that there’s no automatic risk of losing your personal property in the event of default or non-payment of dues. If you compare secured vs unsecured loans, another main difference is flexibility on how you can use the money. Unsecured loans can help you repay your credit card, wedding, or student debt. However, the no-collateral loan amounts are smaller and interest rates are higher than secured loans.

Auto Loans

If you’re thinking of financing a car, we recommend applying for an auto loan. Car loans are secured loans where the vehicle itself is used as a collateral, but you own the car at the end of your payment term. On top of that, financing a car gives you a better option for a higher-end car to suit your personal needs, and your credit score could increase.

Cash-Secured Loan

A cash-secured loan is a credit-building loan that lets you use the funds you already have with Core Bank to guarantee the loan. This is a great way to increase your credit score and a backup option if you don’t qualify for other types of loans. Plus, our interest rates are lower since you’re already a qualified customer. 

Debt Consolidation

A debt consolidation loan can be secured or unsecured. This personal loan type lets you reorganize your debt by rolling multiple debts into one larger piece of debt. That way, you can pay credit cards, medical bills, and other expense down with one payment. They may even carry a lower interest rate.

Cosign Loan

If you’re looking for more favorable lending terms but lack a strong credit history, you might consider signing jointly as a secondary borrower on a cosign loan. By having a primary borrower with a good credit profile complete a cosign loan with you, this reduces risk for the lender and can help you secure better loans.

Personal Line of Credit

Similar to a credit card, a personal line of credit bank loan gives the borrower a specific amount of money that can be used for any purpose as needed. Because these small personal loans are unsecured, they generally require a good credit score—often over 700—to obtain.

Home Loans & Mortgages

From zero-down financing to first-time homebuyer options and beyond, Core Bank has low-interest home loans and mortgage products for every customer. Get started on your homeownership journey today!

Home Equity Loans & HELOCs

Refinancing or purchasing a home using your current equity has never been easier. Discover Core Bank’s flexible home equity loans and home equity line of credit options to help you achieve your real estate goals!

Home Renovation & Construction Loans

Start your dream home improvement project with Core Bank’s diverse home renovation loan options, including lot loans, construction-only loans, and renovation loans. Get pre-qualified for a residential construction loan in minutes.

Personal Loan Terms

When you secure a personal loan with Core Bank, you get so much more than extra financing.

No Hidden Fees

  • No prepayment fees when you pay off your loans early
  • Lenient late payment penalties
  • No origination (or additional processing) fees when we process your loan application

Reliable Customer Support

  • With a virtual center open six days a week, we’re here for you even when our branch doors are closed

For help finding the personal loan that best suits your needs, give us a call today!

Personal Loans vs. Personal Lines of Credit

Personal loans and lines of credit are both excellent borrowing options that have flexible uses.

  • A personal line of credit is right for someone who doesn’t know how much they will need or if it’s being used for overdraft protection or emergency funds. Lines of credit typically carry low monthly payments, often interest only, and you can advance funds when you need them.
  • Personal loans might provide more peace of mind. In a personal loan, the rate is fixed for the term, and payments help pay down the debt until the loan matures.

Debt Consolidation Loans vs. Personal Loans

  • With a personal loan, you pay off the expense in a monthly installment, but they often come with higher interest rates.

A debt consolidation loan combines multiple unsecured debts, like credit cards and medical payments, into a fixed monthly payment. You might consider a debt consolidation loan if you can pay a lower interest rate on your combined debt. You’ll also see a clear finish line with fixed and reduced monthly payments, motivating you to get out of debt faster.

Personal Loan FAQs

How does my credit score affect the type of loan I can apply for?

The higher your credit score, the more likely you’ll be approved for a personal loan. You will also likely get better interest rates. A low credit score might make applying for some loans difficult, though having a cosigner will typically improve your chances of getting approved.

How do I get a loan without collateral?

Unsecured loans offer you the necessary funding you need without collateral. This way, you don’t need to put your property or assets on the line. Unsecured loans are a great option for those looking to borrow a small amount to pay off student, credit card, and other debts. With our simple and easy application process, you’re more likely to receive a loan approval compared to secured loan options.

How do personal loans affect my credit score?

Personal loans can hurt or help your credit score depending on how you manage them. If you make your payments on time and establish a positive payment history, you can increase your credit score. However, lenders must perform a credit check on you any time you apply for a line of credit, which decreases your credit score. In addition, missed payments can significantly damage your score. 

How many personal loans can I have at one time?

Technically, there is no limit to how many personal loans you can have at once. If you have a good credit score and a strong history of on-time payments, lenders may be willing to approve multiple loans at the same time. You must be extremely organized to take on multiple small personal loans and make sure all payments are made on time.

Find a Core Bank Near You

Core Bank proudly offers personal and business banking solutions made for you. With banking centers in Omaha, Overland Park, and Mesa, we’re here to help you borrow and save confidently. Discover your nearest Core Bank today!

Contact Core Bank

Are you ready to apply for a personal loan with Core Bank? Fill up the online application form or speak to one of our professional experts today!

Latest From the Blog

Brian Dryak Promoted to Director of Residential Mortgage

Core Bank is pleased to announce the promotion of Brian Dryak to Director of Residential Mortgage. Brian has been in the mortgage industry for over 25 years. He is in a management role of the mortgage loan officers, but he will originate mortgage loans to help customers reach their home goals.