Personal Loans & Debt Consolidation

If you are considering consolidating your existing debt, you need funds to finance a big purchase, or you’re managing unexpected expenses, a personal loan may be the answer you are looking for.

Personal loans typically offer a fixed interest rate and fixed monthly payments, which makes budgeting easier. In general, personal loans offer lower interest rates than credit cards, making them ideal vehicles for consolidating existing debt.

Types of Personal Loans

There are two basic types of personal loans: secured and unsecured loans.

Secured personal loans are backed by assets called collateral. Typical collateral banks accept include real estate, vehicles, cash equivalents and financial instruments such as stocks, bonds, insurance policies and mutual funds.
Unsecured personal loans are based primarily on the borrower's creditworthiness and income. Lenders evaluate the borrower's credit score, income, employment history and debt-to-income ratio to determine eligibility and interest rates. Interest rates on unsecured personal loans tend to be higher than those on secured loans because unsecured loans pose a higher risk to lenders.

Eligibility Criteria for Personal Loans

In most cases, a secured loan is easier to qualify for and has a lower interest rate. Borrowers with a solid credit history, verifiable income and a low debit-to-income ratio sometimes consider an unsecured loan with the understanding that interest rates and terms are often less favorable than secured loans.

Most Common Uses For Personal Loans

There are various reasons why someone may opt for a personal loan. Some borrowers want to eliminate their existing credit card debt, others may have medical bills they wish to pay off or someone may wish to buy a car or boat through a private sale. The proceeds from a personal loan may be used for home repairs if the borrower does not qualify for a Home Equity Line of Credit (HELOC).

Why Choose Heritage Bank Loans?

If you live in Ohio or Kentucky and need funds for any purpose, you should consider a Heritage Bank loan. We are locally owned so key decision makers live and work in the same region, plus we look beyond the standard loan requirements to consider other factors when evaluating an application. When you commit to banking with Heritage Bank, we commit to you as our customer. Every employee, whether you are banking in person or online, is committed to providing you with outstanding service.

Heritage Bank exists to build up the communities where we operate and the people who call those communities home.

Heritage Bank: Let Us Partner With You To Achieve Your Financial Goals

No two customers have the same needs or goals, but every customer appreciates a bank who partners with them to help achieve financial goals. Whether you are searching for basic banking, such as checking or savings accounts, need a mortgage, or are looking for a personal loan, we are here to help.

Our dedicated team members are fully committed to helping you navigate our financial tools and determine which ones are most useful for achieving your financial goals.

If you are ready for banking focused on you, then it's time to contact Heritage Bank. Reach out to our Heritage Bankers to get started. You can also open an account online today.

Contact a Heritage Bank Banker