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Understanding First Horizon Personal Loan: A Deep Dive

First Horizon Bank offers an array of personal loan options, garnering attention in the financing industry. But what sets it apart? This article dives into its unique features, rates, and customer feedback, providing readers with a holistic perspective. Whether you're considering borrowing or simply wish to broaden your financial knowledge, this guide offers clear insights into one of the prominent lending choices available today.
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Best Personal Loan Today 28.02.2024*
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
2000.00 – 100000.00 $

Effective interest rate on the product

6.34 – 35.89 %

Loan term for the financial product

2 months – 72 months
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Submit One Loan Application Online!

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First Horizon Bank
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
from $2,000

Loan term for the financial product

up to 60 months
First Horizon Personal Loan Calculator

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The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
JG Wentworth
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
OneMain Financial
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
My Funding Choices
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Plain Green Loans
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Advance America
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...

First Horizon Bank, formerly known as First Tennessee Bank, offers personalized personal loan options designed to suit the individual needs of its customers. The bank has a rich history dating back to 1864 and is headquartered in Memphis, Tennessee, with numerous branches spread across the South.

While the bank may not have the strongest transparency regarding its personal loan offerings on its website, they do provide basic information about its personal loans. For more detailed information and to apply for a personal loan, interested borrowers are encouraged to contact the bank and express their interest directly.

First Horizon Bank's personal loans come with competitive interest rates, allowing borrowers to finance their next purchase at favorable terms. Additionally, the bank offers a variety of repayment periods, allowing customers to choose a schedule that best fits their financial situation.

The approval process for this financial product at First Horizon Bank is quick, ensuring that customers can access funds promptly when needed. As a reputable financial institution with a long history, First Horizon Bank offers dependable service and aims to build customer trust through lending solutions. Whether it's for a major purchase, debt consolidation, or any other personal financial need, First Horizon Bank's loans are designed to provide an efficient and effective financing option for its customers.


  • Loan Amount. Personal loans start at a minimum of $2,000, allowing customers to borrow according to their specific financial needs.

  • Asset Requirements. To obtain a loan, there are some asset requirements that borrowers need to meet. This implies that certain assets may need to be pledged as collateral to secure the loan.

  • Transparency. The provided information indicates that transparency on personal loan details is lacking. Interested borrowers are encouraged to directly contact the bank to obtain more detailed information about the loan terms, interest rates, and other specifics.

  • Secured and Unsecured Options. First Horizon Bank offers both secured and unsecured personal loan options. Secured loans require collateral, while unsecured loans do not require any assets to be pledged as security.

  • Loan Usage. Personal loans from First Horizon Bank can be utilized for various purposes, including the purchase of an automobile, RV, or boat. This versatility allows borrowers to fund their preferred purchases.

First Horizon Personal Loan Options

Unsecured Loan Options

  • Loan Amount. The minimum loan amount starts at $2,000.

  • Minimum Term. The minimum term for an unsecured personal loan is 12 months.

  • Maximum Term. For loan amounts less than $5,000, the maximum term is 36 months. For loan amounts equal to or greater than $5,000, the maximum term is 60 months.

  • Installment Loan Repayment. Borrowers make equal monthly payments to fully amortize the loan over the chosen term.

  • Asset Reserves for $15,000 - $50,000 Loan. Borrowers need to have 12 months' worth of payments in asset reserves to qualify for loans within this range.

  • Asset Reserves for > $50,000 Loan. Borrowers must have an amount equivalent to 1x the loan amount in asset reserves.

  • Fees. Please note that fees may apply, and checking with the bank for specific details is essential.

Secured Loan Options

  • Loan Amount. The minimum loan amount for secured loans starts at $2,000; the maximum loan amount can be up to 100% of the available funds in the account.

  • Maximum Loan to Value (LTV). The loan can be granted up to 100% of the account balance (the amount secured by collateral).

  • Minimum Term. The minimum term for secured loans is 12 months.

  • Maximum Term. The maximum term for secured loans is 60 months.

  • Repayment Options. Borrowers have two options for repayment.

    • Equal monthly payments to fully amortize the loan over up to 60 months.

    • Interest-only monthly payments for a duration of 12 months.

  • Collateral. Secured loans are backed by the following assets held at First Horizon Bank.

    • First Horizon Certificate of Deposit.

    • First Horizon Savings Account.

    • Minor/Custodian CDs and Bump CDs cannot be used as collateral.

  • Fixed Rate for Savings Secured Loans. Savings-secured loans have a fixed interest rate.

  • Maturity Date. The loan's maturity date cannot exceed the maturity date of the CD by more than 30 days.

  • Fees. Similar to unsecured loans, fees may apply for secured loans, and it's advisable to inquire with the bank for specific details.

Pros and Cons


Diverse Loan Options. Besides personal loans, First Horizon Bank offers a variety of tailored loan products, including options for boat, car, and RV financing, along with unsecured lines of credit. This allows customers to find the right loan product that suits their specific needs and financial goals.

Full-Service Bank. Being a full-service bank, First Horizon provides a range of financial products and services beyond just loans. Customers can access Certificates of Deposit (CDs), savings accounts, and more, making managing multiple aspects of their finances convenient in one place.

Flexible Loan Amounts. First Horizon Bank caters to customers with varying financial needs by offering small loan amounts starting at $2,000. This flexibility ensures that borrowers can access the funds they require, whether for a minor expense or a larger purchase.


Lack of Transparency. One of the major drawbacks is the lack of transparency in providing loan details. This can make it challenging for potential borrowers to compare various loan products effectively and make informed decisions.

Potential Fees. First Horizon Bank may impose fees, including loan origination fees, which can add to the overall cost of borrowing. These fees should be considered when evaluating the loan's affordability.

Income Requirements. The bank may require borrowers to present their annual income or other financial information as part of the loan application process. This could be an additional hurdle in securing the loan for some applicants.

How to Apply for a First Horizon Personal Loan?

Apply For a Loan

  1. Visit the Website. Go to the official website of First Horizon Bank using your web browser.

  2. Navigate to the Borrowing Section. Look for the section "Mortgages & Loans."

  3. Select Personal Loans. Within this section, you should find an option for "Personal Loans." Click on this option to explore the available personal loan products.

  4. Choose the Type of Loan. Once you are on the personal loans page, you may find various types of personal loan options, such as unsecured, car, boat, etc. Choose the type of loan that best fits your financing needs.

  5. Click "Apply Now". After selecting the type of loan, look for an "Apply Now" button or a similar call-to-action to start the loan application process. Click on this button.

  6. Start the Application. You will be redirected to a loan application form. Fill in the required information, which typically includes personal details, income information, employment status, and the amount you wish to borrow.

  7. Submit the Application. Review the application form to ensure all information is accurate and complete. Once you are satisfied, submit the application online.

  8. Wait for Approval. After submitting your application, the bank will review your information and assess your eligibility for the loan. This may take some time depending on the bank's processing time.

  9. Follow up and Provide Additional Information. If the bank requires any additional documents or information to process your loan application, they will contact you. Be prepared to provide any necessary documentation promptly.

  10. Receive Loan Decision. Once the bank has reviewed your application and supporting documents, they will provide you with a loan decision. You will receive the loan terms and conditions for your review if approved.

  11. Accept the Loan Offer. If you are satisfied with the loan terms, you can accept the loan offer and proceed with the loan agreement.


  1. Credit Score. A good credit score is often crucial in qualifying for a personal loan. A higher credit score demonstrates responsible credit management and may result in better loan terms.

  2. Income and Employment. Borrowers will need to show proof of a stable income and employment. Lenders want assurance that the borrower can repay the loan based on their income level.

  3. Debt-to-Income Ratio. Lenders may assess the borrower's debt-to-income ratio to ensure they have sufficient income to manage their existing debts and the new loan.

  4. Credit History. Besides the credit score, the borrower's credit history will also be reviewed. Any negative marks, such as late payments or defaults, could impact the loan approval.

  5. Residency and Citizenship. Borrowers may need to provide proof of their residency and citizenship status.

  6. Age Requirement. Typically, borrowers must be at least 18 years old to be eligible for a personal loan.

  7. Collateral (For Secured Loans). Some loan types, like secured loans, may require collateral, such as a savings account or a certificate of deposit (CD), to secure the loan.

Ways to Receive the Money

  1. Direct Deposit. The bank may deposit the borrowed amount directly into the borrower's checking or savings account for many personal loans. This method is convenient and allows the borrower to access the funds immediately.

  2. Check. In some cases, the bank may issue a physical check for the loan amount. The borrower can then deposit or cash the check as needed.

  3. Bank Transfer. The bank may offer the option to transfer the loan funds to another account within First Horizon Bank or at another financial institution.

How to Pay Off a First Horizon Personal Loan?

  1. Review Loan Terms. Start by reviewing the loan agreement and understanding the repayment terms. Note the loan amount, interest rate, monthly installment, and total repayment period. As per the information provided, the repayment period can vary from 12 to 60 months.

  2. Create a Budget. Assess your financial situation and create a budget to ensure you can comfortably make the monthly loan payments. Account for other financial obligations and expenses to ensure you have sufficient funds to pay off the loan on time.

  3. Set Up Automatic Payments. If possible, set up automatic payments from your bank account to ensure you never miss a loan payment. This can help you avoid late fees and maintain a positive payment history.

  4. Keep Track of Payments. Maintain a record of all loan payments made, including the dates and amounts paid. This will help you track your progress and ensure you are on schedule to pay off the loan within the agreed-upon time frame.

  5. Monitor Your Credit. Regularly check your credit report to ensure that your loan payments are being reported accurately. Timely and consistent payments will positively impact your credit score.

If the loan is a secured loan, where the borrower provides collateral such as a savings account or certificate of deposit, the bank may hold the collateral until the loan is repaid. In case of default, the bank may liquidate the collateral to recover the outstanding loan balance.

Things to Consider

  1. User Experience. The bank's customer service seems to be strong, and they offer various loan options beyond personal loans, such as home equity loans, car loans, and the like. Unfortunately, a lack of transparency from the bank on their products and services leaves interested parties with online reviews to help drive their decision, and most online reviews of this bank are quite poor.

  2. Rates and Fees. Though rates and fees are not mentioned on First Horizon’s website, they point out that for loans of $15,000 to $50,000, a borrower must have 12 months of reserve payments to qualify. Those who obtain more than $50,000 must already have the total loan amount in reserve.

  3. Variety. The bank has numerous account options, just as you would expect from any larger financial institution. Those who choose a personal loan can also opt for checking, savings, and investment accounts.

  4. Loan Terms. Horizon Bank allows a maximum loan term of 36 months for loans up to $5,000 and a maximum term of 60 months for loans over $5,000. The minimum term is 12 months for the smallest amounts.

  5. Customer Support. Customer service is available during the extended banking hours of Monday through Friday from 7 am to 10 pm, eastern standard time, and from 8 am to 5 pm on Saturdays. Customers can also visit any of the numerous branches to learn more.

  6. Access. First Horizon has a robust website and has a presence in the following states: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, New York, North Carolina, South Carolina, Tennessee, Texas, and Virginia.


Credit Cards

Apply For a Loan

Credit cards are revolving lines of credit that allow borrowers to make purchases up to a certain credit limit. Borrowers can repay the borrowed amount in full or make minimum monthly payments. Companies: Major credit card issuers include Chase, Citibank, Bank of America, American Express, and Discover.Chase

Home Equity Loans

Apply For a Loan

Home equity loans homeowners to borrow against the equity in their homes. The loan is typically a lump sum with a fixed interest rate and a predetermined repayment term. Companies: Wells Fargo, U.S. Bank, and Quicken Loans are some of the companies that offer home equity loans.Wells Fargo

Personal lines of credit

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Personal lines of credit are similar to credit cards but typically offer lower interest rates. Borrowers can access the credit line as needed, repay it, and borrow again within the approved limit. Companies: PNC Bank, and TD Bank are examples of institutions offering personal lines of credit.PNC Bank

Peer-to-peer lending

Apply For a Loan

P2P lending platforms connect individual borrowers with investors willing to lend money. The process is facilitated through online platforms. Companies: LendingClub, Prosper, and Upstart are popular peer-to-peer lending platforms.LendingClub

Editorial Opinion

When considering personal loans, First Horizon Bank stands out as a reliable lender that provides an array of financial products to protect and benefit its customers. Offering fixed monthly payments and competitive rates, their personal loans make purchasing your dreams and future goals a reality. With various options available, First Horizon Bank caters to diverse needs. From auto loans to home improvements and refinancing, their range of financial products ensures that each customer finds the perfect fit for their requirements. Whether you aim to consolidate debts, own a home, or expand your business, First Horizon has a solution to match your aspirations. One standout feature is their line of credit and overdraft protection, providing flexibility and security during unexpected expenses. The convenience of the main menu on their website simplifies the loan application process, making it quick and hassle-free. First Horizon Bank is a trustworthy company, offering fixed monthly payments and adhering to the highest standards of financial services. As a member of FDIC, customers can feel confident in their transactions, knowing their interests are well protected.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.


At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about personal loans and best practices, check out some of the following resources:



What credit score do you need for a First Horizon personal loan?

It is not necessary to have a good credit history to be able to apply for a First Horizon Personal Loan. This makes it easier for those who need the loan to pay off a debt with higher rates. First Horizon Bank is more lenient with credit score requirements, allowing individuals with lower credit scores to apply for a personal loan.

How fast does First Horizon approve loans?

If everything is correct in the loan application, First Horizon Bank can approve the loan quickly. Applicants may receive approval on the same day they apply for the loan. The bank's quick approval process ensures that customers can access the funds promptly when needed.

Does First Horizon verify income?

First Horizon Bank typically verifies the income of loan applicants during the loan approval process. Income verification is a standard practice among lenders to ensure that borrowers have the means to repay the loan. Providing accurate income information is essential for a smooth loan application process.