Applying for a personal loan can be an intimidating experience. Nightmares of out-of-control interest, malicious fine print, and drawn out application periods prevent many people from even broaching the subject with their financial provider.
Equity Bank does things differently. We’ve been a part of the Wichita community for long enough to know exactly which personal lending options are right for you, and how to structure the loan itself to maximize its potential. In this article, we’ll go through the steps of applying for and receiving a personal loan, so that you can feel more confident when you walk through your nearest Equity Bank’s doors.
Deciding on a Type of Personal Loan
Personal loans are categorized by the type of asset or expenditure they’ll be used for. This categorization helps the bank mitigate risk, but can occasionally confuse those who are in the market for a personal loan.
For example, the loan that you would get to purchase a vehicle and the loan that you would get to add a pool to your backyard are two different types of loans, each with their own contingencies and details to consider. Figuring out which category your purchase falls under can help to greatly expedite the lending process.
Generally used for large purchases that are not real-estate related, such as vehicles. These are the most common type of personal loan, and are therefore much easier to apply and be approved for. Equity Bank offers hyper-competitive auto loan rates, helping you find and afford the car of your dreams.
“HELOC” stands for “Home Equity Line of Credit”, and is essentially a loan where the equity you’ve already built in your home is used as collateral. These are used more often than consumer loans for things like additions to houses, but can be used for any purpose. They are slightly more involved, as it concerns determining the market value of your house and the mortgage structure you used to purchase it, but can be a great option for those seeking flexibility in their lending options.
Applying for a Personal Loan
Luckily, Equity Bank makes this part easy. Once you’ve got a clear use for a personal loan, you can apply online or in person at any Equity Bank location. We’ve taken care to make the application process as frictionless as possible, so there’s no sweating over fine print or deciphering huge paragraphs to figure out your interest rate.
Equity Bank is committed to transparency, honesty, and fairness in our lending process. That’s why we encourage every one of our members, when seeking a personal loan, to come in and speak to an expert about their options. Our team members can walk you through any details of the loan that may be of interest to you, and help ensure that you’re getting the best deal possible.
Using Your Loan
Upon approval, you will be able to use your loan to make your previously planned purchase. Partnering with Equity Bank gives you access to digital and mobile banking services, which allow you to monitor your loan status from application through repayment, and can even set up Auto Pay for your account, giving you more peace of mind.
If you’re in the market for a better personal loan, contact us today. Equity Bank is committed to providing smarter, faster, more friendly banking service to everyone in our neighborhood and across the country.