FirstNational Bank offers a comprehensive and convenient personal loan solution designed to meet diverse financial needs. With their personal loans, customers can access a lump-sum distribution of loan proceeds, providing quick access to funds for various purposes. Whether you need to consolidate higher-interest debt, make essential home improvements, cover unexpected expenses, finance other personal projects, or invest in significant life events, this loan option can be a reliable choice.

As a reputable financial institution, First National Bank ensures transparent and manageable terms for their personal loans. Borrowers can benefit from flexible monthly repayment options, allowing them to tailor their loans to their financial capabilities and preferences. Throughout the loan term, borrowers can easily monitor their progress with the help of detailed bank statements accessible through their FNB account.

Managing monthly payments is made convenient with access to FNB ATMs, enabling customers to perform secure transactions and stay on top of their financial obligations effortlessly. Additionally, setting up a debit order provides added peace of mind, ensuring that monthly payments are made consistently and on time.

First National Bank's personal loans come with fixed amounts, providing borrowers with a predictable and stable loan structure. Customers can confidently plan their expenses and allocate funds for their intended purpose by receiving a specific amount upfront.

Furthermore, FNB's commitment to customer satisfaction is evident through the provision of smart card services. This innovative approach ensures that customers have easy access to their accounts and loan information, empowering them to control their finances.

Features

1. Multiple Repayment Terms Available. Customers have the flexibility to choose from various repayment terms according to their financial capabilities and preferences. Whether you prefer a shorter repayment period to pay off the loan quickly or need a longer term for lower monthly installments, First National Bank offers options to suit your needs.
2. Immediate Buying Power. Once approved, borrowers gain immediate buying power with access to the loan proceeds. Whether it's consolidatingdebts, covering unexpected expenses, or pursuing personal projects, you can put the funds to use promptly.
3. Lump-Sum Distribution. The loan amount is disbursed as a one-time lump sum, making it convenient for borrowers to use the funds for their intended purposes.
4. Fixed Repayment Schedule. First National Bank's personal loans come with a fixed repayment schedule. This means borrowers know the exact monthly installment amount, making budgeting and financial planning more manageable and predictable.
5. Fixed Interest Rate. The FNB personal loans are available with a fixed interest rate, ensuring that the interest rate remains constant throughout the loan term. This stability protects borrowers from fluctuations in interest rates and provides added financial security.

FNB Personal Loan Options

Secured Installment Loan

A Secured Installment Loan from FNB gives borrowers the borrowing power necessary to achieve their financial objectives. This loan option is secured, meaning you need to use your FNB Savings Account or Certificate of Deposit as collateral for the loan. By leveraging your assets as collateral, the bank can generally offer higher borrowing limits and lower interest rates than other forms of borrowing. With this loan, you can borrow up to $250,000.

Key Features:

• Secured with an FNB Savings Account or Certificate of Deposit.

• Loan amount up to $250,000.

• One-time, lump-sum distribution of loan proceeds.

• Fixed repayment schedule, allowing for predictable monthly installments.

• Available with a choice of a fixed or variable interest rate.

• Flexible repayment terms, so you can find a suitable repayment plan that fits your financial situation and goals.

Unsecured Installment Loan

The Unsecured Installment Loan from FNB provides a convenient lump-sum distribution of loan proceeds without the need for collateral. This loan option is suitable for various purposes, such as consolidating higher-interest debt, financing home improvements, or meeting other financial objectives. Borrowers can access loan amounts ranging from $2,500 to $25,000.

Key Features:

• Unsecured loan, meaning no collateral is required.

• Loan amount ranging from $2,500 to $25,000.

• One-time, lump-sum distribution of loan proceeds for quick access to funds.

• Fixed repayment schedule, providing stability in monthly repayments.

• Available with a fixed interest rate, ensuring consistent payments throughout the loan term.

• Interest rate discount available when setting up automatic monthly payments from an FNB Deposit account, incentivizing responsible repayment behavior.

• Flexible repayment terms allowing borrowers to choose a repayment schedule that suits their financial needs and preferences.

Pros and Cons

How to Apply for a First National Bank Personal Loan?

1. Visit the Website. Go to First National Bank's official website.

2. Explore Personal Loans. Navigate to the "Personal" section on the website to learn more about the loan options available, including the features, benefits, and terms.

3. Choose the Loan Type. Select the type of loan that best suits your needs, whether it's a Secured Installment Loan or an Unsecured Installment Loan.

4. Add to Cart. Once you've decided on the loan type, click on the "Add to Cart" button to proceed with your loan application.

5. Apply Online. You will be prompted to apply online after adding the loan to your cart. Click on the "Apply Online" button or a similar option to begin the application process.

6. Provide Information. You will be asked to provide necessary personal and financial information as part of the application. This may include details such as your name, contact information, employment status, income, and other relevant financial details.

7. Submit the Application. Review the application to ensure accuracy and completeness once you have completed filling out the required information. Afterward, submit the application electronically through the website.

8. Await Approval. After submitting the application, First National Bank will review your information and assess your eligibility for the loan. The bank may conduct a credit check and evaluate your financial history during this process.

9. Receive Decision. You will receive a decision on your loan application via email or phone call. If approved, you will be provided with the loan terms, including the loan amount, interest rate, and repayment schedule.

10. Accept the Offer. If you agree with the loan terms provided, you can accept the loan offer by following the instructions provided by the bank.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Requirements

The bank uses credit score, employment history, monthly debt payments, and income, among other factors, when considering whether or not to approve your application.

Required Identification:

• A non-expired ID (driver’s license, state-issued ID, Military ID, passport, or Permanent Resident Card and visa). While you won't need this for your initial visit to start the application process, as we evaluate your application, we may ask you for additional pieces of information. You may be asked.

• To verify your income.

• To provide your bank statement.

• To provide tax documents.

Ways to Receive the Money

First National Bank typically sends the borrowed amount to borrowers securely and conveniently. The specific disbursement process may vary depending on the loan type and individual circumstances. Here are common methods used by FNB to send the borrowed amount to borrowers.

1. Electronic Funds Transfer (EFT). EFT is a standard method of transferring funds electronically between financial institutions. Once the loan is approved and the borrower accepts the loan offer, the funds are electronically transferred directly into the borrower's designated bank account. This quick and efficient process provides borrowers with immediate access to the borrowed amount.

2. Check or Bank Draft. In some cases, borrowers may prefer to receive the borrowed amount as a physical check or bank draft. FNB may issue a check or draft for the approved loan amount, which can be deposited into the borrower's bank account or cashed at an FNB branch.

How to Pay off a First National Bank Personal Loan?

1. Review Loan Agreement. Firstly, review your loan agreement or contact the bank to confirm the outstanding loan balance, the interest rate, and the due date of the next payment.

2. Choose a Payment Method. Decide on a payment method that is convenient for you. First National Bank offers various payment options, including online monthly payment option, in-person payments at branches, mail-in payments, and automatic deductions from your FNB deposit account.

3. Online Payments. If you prefer to make online payments, log in to your First National Bank online banking account. Navigate to the "Payments" or "Transfers" section, and set up a one-time payment or recurring payments to cover the loan installment.

4. In-Person Payments. If you prefer to pay in person, visit your nearest First National Bank branch with the necessary information, such as your loan account number and identification. A bank representative will assist you with the payment process.

5. Automatic Deductions. You can set up automatic deductions from your FNB deposit account to avoid missing payments. This option ensures that your loan installment is paid on time each month without manual intervention.

Things to Consider

1. Application Process. The application process for a personal loan with First National Bank is straightforward, and you can easily apply online. Make sure to provide accurate and complete information during the application to facilitate a smooth evaluation process.

2. Required Information. Be prepared to provide the required identification, income verification, bank statements, and any additional documents that may be requested during the application evaluation.

3. Creditworthiness. When assessing loan applications, FNB considers various factors, including credit score, employment history, monthly debt payments, and income. Ensure your credit score is in good standing and maintain a stable employment history to improve your chances of loan approval.

4. Loan Types. First National Bank offers both secured and unsecured installment loans. Carefully evaluate which loan type aligns better with your financial situation, preferences, and needs.

5. Loan Amount. Determine the loan amount you need and borrow only what is necessary. Avoid borrowing more than required to prevent unnecessary debt burdens.

6. Interest Rates. Be aware that the website may not provide specific information about interest rates. Contact the bank directly to inquire about current interest rates and how they could impact your loan repayment.

7. Repayment Terms. Consider the repayment terms offered, such as the loan duration and monthly installments. Choose terms that fit your financial capabilities and align with your long-term financial goals.

8. Funds Disbursement. Familiarize yourself with the available methods of funds disbursement, such as electronic transfer, checks, or cash disbursement at branches, to select the most suitable option for you.

9. Formal Approval Timeline. Understand that the bank aims for formal approval within 10 business days of submitting your application. Be patient during the evaluation process and follow up with the bank if you don't receive a response within the specified time frame.

Alternatives

Credit Cards

Credit cards provide a revolving line of credit that can be used for various purchases and expenses. Many financial institutions like Chase, Bank of America, and Citibank offer credit cards with different features and rewards programs.

Home Equity Loans or Lines of Credit

Home equity loans and lines of credit allow homeowners to borrow against the equity they have in their homes. Companies like Wells Fargo and TD Bank are examples of lenders that offer home equity products.

Payday Loans or Cash Advances

Payday loans or cash advances are short-term, high-interest loans typically designed to cover unexpected expenses. Companies like Advance America and Check Into Cash offer these types of loans, but it's essential to be cautious due to their high-interest rates.

Peer-to-Peer Lending

Peer-to-peer lending platforms like LendingClub and Prosper connect borrowers with individual investors willing to fund loans. This alternative may offer competitive rates and terms compared to traditional banks.

Credit Unions

Credit unions, like Navy Federal Credit Union or Golden 1 Credit Union, often offer their members personal loans and other financial products at competitive rates.

Credit Card Balance Transfer

A credit card balance transfer to a card with a lower interest rate might be an option for consolidating credit card debt. Many credit card issuers provide this service, including Discover and Capital One.

Personal Lines of Credit

Personal lines of credit, like those offered by US Bank or Regions Bank, function similarly to credit cards but with lower interest rates and higher borrowing limits.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

Sources

• Bankrate. The pros and cons of personal loans 02.08.2023
• CNBC. Ways people use personal loans 02.08.2023