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Whether you’re searching for a small business loan to help turn your side hustle into a full-time gig, or you’re looking to purchase your first home, National Exchange Bank & Trust offers a variety of bank loan options to fit your financial needs. But we don’t stop there! Our experienced lenders ensure the process of choosing a loan, applying for a loan, and making payments will be as easy as 1, 2, 3!

Things To Know Before Taking Out A Loan

Getting a loan, regardless of what it’s for, can be both exciting and scary all at once. We at National Exchange Bank & Trust are here to put your worries at ease and provide our valued customers with the insight to succeed. Here are a few things to consider before applying for a loan:

1. Figure out how much you can afford to borrow. They say it’s never good to shop for something that’s out of your price range, and a loan is no different. If you apply for a loan that you cannot realistically afford, then you’ll either be denied or you’ll be stuck with payments that will put you in financial difficulty. Use our loan payment calculator and home affordability calculator to help with this step.  You can also contact one of our knowledgeable lenders to be pre-approved.

2. Know your credit score. Your credit score and credit history are indicators of how focused you are on the success of your financial status. If your credit score is low, you may have trouble borrowing or you may pay more for your loan, because lenders perceive you as a high risk.

3. Understand your loan options. Depending on what kind of loan you need, you may have a handful of options at your disposal. Understanding the details of loan options that are out there will make a world of a difference when it comes to decision time.

What To Ask When Getting A Loan

When you’re sure that getting a loan is right for you, it’s time to jot down some questions to ask during the process. Some good questions to ask when applying for a loan include:

1. How long is the term of the loan? Any loan will come with a repayment term, which is the amount of time (usually in months) that you have to repay your loan. Knowing how long you have to repay your loan will help with digesting the reality of your financial future.

2. What is the interest rate? In addition to the money you borrow, you’ll be responsible for paying back the interest on that loan as well. The more you borrow and the longer the term, the more interest you’ll have to pay. 

3. Are there any repayment penalties? It’s rare, but sometimes you can get penalized for making multiple payments in a month or paying more than the monthly amount on your loan. Understanding the penalties will help you navigate your repayment routine.

4. Are there additional fees and expenses? Most loans will have additional fees, so it’s important to know what those are and how much they cost. For example, mortgage loans require a home appraisal, which is an additional expense. 

Types Of Bank Loans

If you don’t know what kind of loan you need, don’t panic! We provide a full suite of bank loan options on our loans page. And, at National Exchange Bank & Trust, we offer competitive rates, in-person and online resources, and a loan calculator to provide our customers with the tools they need to feel 100% confident with the loan they want. National Exchange Bank & Trust loans are serviced locally as well; that means you can stop in to make a payment at any office.  

Getting A Loan

Once you feel confident that you are ready to borrow, it’s time to apply! The loan application process at National Exchange Bank & Trust can be started online, and you can expect to hear from a loan specialist within just a couple of days after submission. Our knowledgeable lenders are here to help you through this process; feel free to contact us  to set-up a meeting with a lender today!

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