- How Much Should You Borrow?
- Preparation is Key
- Secured Loans / Collateral
- What the Lender Wants to Know
- After Your Loan Request Is Approved
- Unsecured Loans
- Tapping the Equity in Your Home
- Retirement Account Loans
- Life Insurance Loans
- Small Business Administration Loans
- Factoring Receivables
The type of loan you select can have a big impact on your bank's lending decisions. Secured loans mean that there are assets pledged (collateral) to secure the payment in the event you are not able to pay. Common types of collateral are equity in your home, accounts receivable, inventory of the business and equipment. Lenders go through an evaluation of the collateral to determine how much they can lend against it. The assets that are pledged are usually discounted by a certain percentage. The bank wants some protection should those assets fall in value during the term of the loan. Since you are offering collateral, the lender's risk is reduced significantly, and it's more likely that your loan will be approved.
You may also look to secure a loan guarantee from the Small Business Administration.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
