Richmond, Indiana – First Bank Richmond announced today that they will donate $10,000 to Richmond Neighborhood...
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With secured loans, the bank places a lien on some sort of property that belongs to the borrower (car, motorcycle, certificate of deposit, etc.) so in the event that we do not get repaid for the loan, the bank has the authority to sell that property and try to recover its losses.
Unsecured loans are given based only on a borrower's promise to repay.
Unsecured loans are more risky for the bank because they do not have any collateral for the bank to hold as security. As a result, the interest rate on an unsecured loan is higher than if it were a secured loan, and the underwriting standards are stricter.
Here at Mutual Federal, we try to offer flexible financing terms to help people even if they have some credit issues. However, there are still times when we have to deny a loan.
If we can't help you today, our lenders will counsel you on things you can do to improve your credit so you can come back again and apply successfully in the future.
We never charge just for applying for a loan.
A personal loan will have $150 in total prepaid finance charges (a $50 origination fee and a $100 processing fee). The finance charges are only charged once, when your loan has been finalized. Fees can be financed into the balance of your personal loan which means if you take out a $2000 loan, you receive $1850 from Mutual Federal.
Definitely! We do not charge any prepayment penalties for paying your loan off early.