Loans & Lines of Credit

All personal loans have pros and cons based on your situation. If you have a seasoned professional to help you sift through them, you can find the best option and achieve your financial goals. Let our team at Core Bank help you find your ideal personal loan!

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.

This varies from loan to loan. Some, such as personal lines of credit, can be used for any purpose. Others, like debt consolidation loans, have specific uses. Your lending professional at Core Bank can help you determine which loan is right for you depending on what you intend to use the funds for.

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 ensure all payments are made on time.

The interest rate varies based on multiple factors, including the type of loan you’re applying for, your credit score, annual income, payment history, and debt ratios.

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.

You can use the money from your home equity loan to pay for anything. The funds are yours. It is common to see these loans used for home improvements, debt consolidation, funds to put down on a new home purchase, or just emergency funds! It is best to apply for credit when you don’t need it.

Home equity loan interest is tax-deductible if your mortgage debt is within government limits and the borrowed money was used to build, buy, or improve your home. Consult a qualified tax advisor for more information on what’s allowable.

Lenders often require that their borrowers create an escrow account when they finance the purchase of a home with a mortgage loan. At Core Bank, we do not require an escrow account with a home equity loan.

Core Bank can assist in determining this, however, a line is right for someone who is uncertain of the amount they will ultimately need or if it’s being used as overdraft protection or emergency funds.  Lines allow for low monthly payments, often interest only as well as the ability to advance funds when you need them. Loans can provide peace of mind as the rate is fixed for the term and payments will ensure the debt is paid upon maturity of the loan.