We can all use a little help now and then. Your neighbors at The Eastern Colorado Bank have been offering our help to the local community for 75 years, and we'll be here for the next 75 years. Through a variety of personal financing options and personal loans, we can help get you on the right track whether you are looking to buy your first home, have unexpected bills to pay, or just need a little cushion to help you through a rough patch.
Whether you are in need of a personal loan or line of credit or better financing on your home mortgage, let us investigate the best options for you.
What is a Personal Loan?
Personal loans are classified as installment loans. This means you will be making a monthly or in some instances semi-monthly payment on the amount you borrow with interest until it is paid off. While in some cases you may be asked what the loan is for, you really can use a personal loan for almost any purpose from home improvements to a vacation, an unexpected auto repair, or to pay off credit cards.
The term-length is determined upon the amount borrowed and the amount of the payments you'll be able to meet each month. Depending upon your credit score and history, as well as the amount borrowed, you may be asked to provide collateral for a personal loan.
There are no prepayment penalties. If you are able to pay your loan off early, we encourage you to do so. You'll save on interest fees.
Your Personal Loan Options
Home Mortgage Loans
It's easier to deal with your local bank branch when looking for a home mortgage loan compared to dealing with someone long distance over the phone or via email. We get that, and we're here to help you! We offer competitive rates for financing on the purchase of your first home, or in refinancing your current home loan.
Perhaps you feel you are paying too high of interest on your home, that's entirely possible. Let our local loan officer look into your current loan and what other personal loan options may be available to you. It could be you are now paying more on an adjustable rate loan than you might if you switched to a current fixed rate.
There may also be loan options available to you that you are not utilizing such as FHA, VA, or USDA/RHS loans, and some of these options may also be combined with another to further your savings potential.
Home Equity Line of Credit
Using the equity you have invested in your home, a home equity line of credit (HELOC) offers you a revolving line of credit. You take out a personal loan for the amount of only what you need and therefore only pay interest on that amount. Having a larger amount available provides you the comfort of knowing there is more credit available if the need arises.
For example, say you are approved for a $10,000 HELOC. At the time of approval, you are wishing to remodel your kitchen with an estimated cost of $5,000. When the bill comes in, you take out $5,000 and pay for your remodel. You will then start making payments toward the principal along with interest only for that $5,000. You also still have an additional $5,000 available should you encounter some type of emergency or non-emergency expense, such as an unexpected car repair or to buy school clothes for the kids.
Personal Financing at The Eastern Colorado Bank
Let the loan staff at your friendly bank, The Eastern Colorado Bank, help you obtain the financial freedom you desire and deserve. Our local branches in the various communities of Eastern Colorado and Western Kansas are devoted to the hardworking people who live here. We will work with you on personal financing and personal loans that fit your needs now and into the future. Contact The Eastern Colorado Bank online or give your local branch office a call and speak with our friendly loan officer to see how he, or she, can assist you in accessing the financial help you need today.