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Understanding Frost Bank's Loan Services: A 2024 Review

Frost Bank, renowned for its diverse financial offerings, presents a range of loan products tailored to its customers' needs. Whether you're aiming for a personal loan or exploring home equity options, our in-depth analysis sheds light on the key aspects, setting you on the path to make informed decisions. Drawing from customer testimonials, industry insights, and a thorough examination of features, our 2024 guide offers a holistic view of Frost Bank's loan landscape.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 26.02.2024*
Finanso
Personal Loans
Rating by Finanso®
i

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™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Frost Bank
Personal Loans
Rating by Finanso®
i

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™
0
300
650
1000
from $2,000
Rate
i

Effective interest rate on the product

from 10%
Term
i

Loan term for the financial product

up to 36 months
Frost Bank Loan Calculator

Use our loan calculator to get data on possible loan amounts, interest rates and repayment schedules. It is an indispensable tool for your lending needs.

Loan amount
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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
i

Choose the interest rate on the loan

5 %
30 %
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.

Reviews
CreditFresh
4.8
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.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

Frost Bank traces its origins to the back of a small mercantile store in San Antonio. It weathered the challenges of the 1930 Great Depression when thousands of banks closed down. Today, it stands as a modern bank, offering a comprehensive range of banking services, including various lending options such as personal loans.

Features

Personal loans have gained popularity because it is a functional and quick solution to close the financial gap without overburdening the household budget. If at the moment when unexpected bills arise, you have a chance to pay for them without straining and repay your personal loan step by step.

Personal loans offered by Frost Bank are a convenient financial solution for customers as they possess the following features:

  1. Fixed and Variable Interest Rates. Frost Bank offers personal loans with the choice of fixed or variable interest rates. Fixed rates remain constant throughout the loan term, while variable rates may fluctuate based on market conditions.

  2. Unsecured and Secured Options. Frost Bank provides flexibility with personal loans. You can choose between unsecured loans, which don't require collateral, and secured loans, which involve collateral and may offer lower rates.

  3. Competitive Interest Rates, Based on Collateral. Secured loans come with competitive interest rates as the presence of collateral reduces the lender's risk, potentially leading to better terms for borrowers.

  4. 0.25% Rate Discount with Automatic Payments. Borrowers can get a 0.25% rate discount by setting up automatic loan payments from their Frost Checking or Savings account, making it convenient and cost-effective.

Frost Bank Loan Options

The personal loan options that Frost Bank offers borrowers flexibility and favorable terms. Loan amounts range from $2,000 to $4,999, with a 36-month repayment term and a competitive interest rate of 10.75%. For higher loan amounts, borrowers can access $5,000 to $9,999 at a reduced interest rate of 10.25%. Loans within $10,000 to $24,999 come with an even lower interest rate of 10%. For substantial loan amounts of $25,000 or more, the interest rate remains at an attractive 10%. Additionally, borrowers can benefit from a 0.25% rate discount when they set up automatic payments from a Frost Checking or Savings account.

Notably, Frost Bank offers personal loans with no annual fees, pre-payment penalties, or origination fees, making their loan options even more appealing and cost-effective for customers.

Besides unsecured loans, you can opt for secured loans and typically get a lower rate.

Pros and Cons

Pros

Competitive Interest Rates. Frost Bank provides competitive interest rates on their personal loans, ensuring borrowers can access financing at favorable terms, potentially reducing overall borrowing costs.

Flexible Loan Amounts. Borrowers have the flexibility to choose loan amounts that suit their specific needs, ranging from $2,000 to $4,999, $5,000 to $9,999, $10,000 to $24,999, and $25,000 or greater.

Convenient Repayment Terms. With a 36-month repayment term, borrowers can benefit from a reasonable timeframe to repay the loan comfortably, allowing for better financial planning and budgeting.

Rate Discount with Automatic Payments. Frost Bank offers a 0.25% rate discount when borrowers set up automatic payments from a Frost Checking or Savings account, making it easier to manage repayments.

No Hidden Fees. Frost Bank's personal loans come with no annual fees, pre-payment penalties, or origination fees, ensuring transparent and straightforward borrowing terms.

Easy Application Process. The bank's streamlined application process makes it convenient for borrowers to apply for personal loans and get quick access to funds when needed.

Exceptional Customer Service. Frost Bank is known for its excellent customer service, providing borrowers with support and assistance throughout the loan application and repayment process.

Tailored Loan Solutions. Frost Bank's personalized approach takes into account individual financial situations, ensuring borrowers receive loan options that match their unique needs and repayment capabilities.

Cons

Fixed Repayment Terms. The 36-month repayment term might only be suitable for some, as it may lead to higher monthly payments compared to other lenders' longer-term options.

Lower Loan Amounts. The maximum loan amount for Frost Bank's loans is around $25,000, which might need to be increased for borrowers with more substantial financial needs.

No Instant Funding. Frost Bank's funding process might take longer than some online lenders, potentially delaying access to funds for urgent financial needs.

How to Apply for a Frost Bank Personal Loan?

Apply For a Loan

Applying for a Frost Personal Loan is a straightforward process, taking approximately 15 minutes, with a response typically received within two to four hours. To begin the application, individuals can either call a Personal Loan Advisor at +1 (866) 376-7889 or visit a nearby Frost financial center. The required documents for the application include a government-issued photo ID, such as a driver's license, state ID, or U.S. Military ID, as well as the individual's Social Security number. By providing these essential documents, applicants can initiate the loan application swiftly and efficiently, obtaining the necessary financial support from Frost Bank.

To get an idea of what you can apply for, Frost suggests you fill out a small survey. At first, you will be asked to answer a few questions about your loan purpose, the amount you wish to obtain, whether you like to secure your loan, and then hit the "Find my loan" button.

Requirements

The Bank does not provide a specific list of eligibility criteria for personal loans, but out of standard practice, the applicants usually should meet the following requirements:

  • Age. Applicants must be at least 18 years old to be eligible for a personal loan.

  • Citizenship/Residency. Borrowers must be U.S. citizens or legal residents residing in the bank's operating area to qualify.

  • Credit History. Frost Bank evaluates the applicant's credit history to assess their creditworthiness and repayment capability.

  • Income. A stable source of income is required to demonstrate the ability to repay the loan.

  • Debt-to-Income Ratio. The bank may consider the borrower's debt-to-income ratio to ensure they can manage additional debt responsibly.

  • Employment/Financial Stability. Proof of employment or financial stability may be necessary to demonstrate the borrower's financial situation.

  • Documentation. Applicants must provide necessary documents, including identification (e.g., government-issued photo ID), Social Security number, and any other documents required by the bank.

Ways to Receive the Money

Generally, the funds from a personal loan with Frost Bank are conveniently transferred as a direct deposit. Once approved, the loan amount is electronically deposited directly into the borrower's designated bank account. This method ensures quick access to the funds, allowing borrowers to use the money for their intended purposes promptly and efficiently.

How to Pay Off a Frost Bank Loan?

  • Automatic Payments. Set up automatic payments through a Frost Checking or Savings account.

  • Online Payments. Make manual payments online through the bank's website or mobile app.

  • In-Person Payments. Pay in person at any Frost financial center.

Things to Consider

When you ponder about applying for personal loans to compensate for lacking cash for unexpected expenses and bills, it is worth taking time and consider the following:

  • Borrowing Amount. Consider your financial needs and borrow only the amount required to avoid overborrowing; this will help you manage your debt responsibly and avoid unnecessary interest costs.

  • Repayment Terms. Review the loan's repayment terms and ensure they align with your budget and financial capabilities. Choose a term that allows you to make comfortable monthly payments without straining your finances.

  • Interest Rates. Understand the interest rates associated with the personal loan and compare them with other lenders to ensure you get a competitive rate that suits your financial situation.

  • Fees and Charges. Take note of any charges associated with the loan, such as origination or late payment fees, to avoid surprises during the repayment process.

  • Credit History. Assess your credit history to determine if you meet Frost Bank's eligibility criteria for their loans. A good credit score can lead to more favorable loan terms.

  • Purpose of the Loan. Clearly define the purpose of the loan and ensure it aligns with your financial goals. Whether it's for debt consolidation, home improvements, or emergencies, understanding the purpose will help you use the funds wisely.

  • Financial Stability. Assess your financial stability and ensure you have a stable source of income to manage the loan payments throughout the loan term comfortably.

Alternatives

Personal Loans from Other Banks

Apply For a Loan

Explore individual loan options from different banks, such as Discover Bank, Bank of America, First Citizens Bank, and Keybank.Bank of America

Credit Union Loans

Apply For a Loan

Check out personal loan offerings from credit unions like Navy Federal Credit Union, ENT Credit Union, and Mountain America.ENT Credit Union

Online Lenders

Apply For a Loan

Consider online lenders like Oportun, SoFi, Best Egg, and others, providing streamlined application processes for personal loans.SoFi

Peer-to-Peer Lending

Apply For a Loan

Explore peer-to-peer lending platforms where individuals can borrow from individual investors like LendingClub, Prosper, and Upstart.Prosper

Home Equity Line of Credit (HELOC)

Apply For a Loan

Consider HELOC options from banks like Wells Fargo, Chase, and TD Bank, which allow you to borrow against your home's equity.Chase

Credit Cards

Apply For a Loan

Consider credit cards offered by Capital One, Citibank, and other reputable providers for more minor financing needs.Citibank

Editorial Opinion

The expert opinion on Frost Bank's loans highlights their competitive interest rates and borrower-friendly terms. The bank's personalized approach to lending ensures that borrowers receive loan options tailored to their financial needs and creditworthiness. Frost Bank's reputation for stability and exceptional customer service adds credibility to its loan offerings. With transparent terms and no hidden fees, borrowers can confidently plan their repayments and avoid unnecessary costs. The ease of application and quick response time makes Frost Bank's personal loans convenient for those seeking financial assistance. Frost Bank's commitment to customer satisfaction and responsible lending practices makes their personal loans a reputable option in the financial market.

Important

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.

Methodology

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:

Sources

FAQ

What credit score do you need for a Frost Bank personal loan?

A good credit score is typically required for a Frost Bank personal loan to increase the chances of approval and secure more favorable loan terms. While specific credit score requirements may vary depending on individual circumstances and the loan amount sought, generally, a credit score of around 670 or higher is considered favorable for qualifying for personal loans. Frost Bank evaluates applicants' credit history to assess their creditworthiness and repayment capability. A higher credit score demonstrates responsible credit management, which can result in lower interest rates and more flexible loan terms. However, Frost Bank also considers other factors, such as income, employment history, and overall financial stability, during the loan application process. Therefore, individuals with credit scores below 670 may still be considered for a personal loan but may need more favorable terms or additional credit requirements.

How fast does Frost Bank approve loans?

The decision on personal loan disbursement is typically made within a quick 15-minute timeframe, offering borrowers a prompt response to their application. While the bank does not disclose specific timing for receiving funds, customers can expect the answer in about two to four hours. In most cases, funds are transferred within the same business day, ensuring borrowers can access the money promptly to meet their financial needs. This expedited process makes Frost Bank's personal loans a convenient and reliable option for those seeking fast access to funds.

Does Frost Bank verify income?

Yes, Frost Bank verifies income as part of its loan application process. When applying for a personal loan, borrowers must provide documentation to verify their income. This may include recent pay stubs, tax returns, bank statements, or other relevant financial documents. The bank reviews this information to assess the applicant's ability to repay the loan and determine the appropriate loan amount and terms. Verifying income helps Frost Bank ensure responsible lending practices and that borrowers can manage their loan payments comfortably based on their financial capabilities.