Consumer Loans
Consumer loans are loans made to individuals for personal reasons, some of which include purchasing a residence, an automobile, or paying off other debts. These loans are not made to businesses or corporations and are not intended to be used for commercial purposes. Consumer loans fall into two general categories: Secured and Unsecured. Check our Current Rates.
Secured Loans
Secured loans are loans with collateral. The collateral is usually a personal residence, an automobile, motorcycle, recreational vehicle or a deposit account (share loan).
- Automobile and Recreational Vehicle Loans
Auto and Recreational vehicle loans are secured by the car, motorcycle, ATV, or boat being purchased with the loan proceeds. The title to the vehicle is surrendered to the bank until the loan is paid in full. Used vehicle rates and terms are determined by the year of the vehicle. - Deposit Secured Loans
Deposit Loans are secured with the borrower's deposits. The deposit must be a Certificate of Deposit held by our bank, and the term of the loan cannot exceed the term of the Certificate. The rate charged is a percentage exceeding the rate of the certificate. Borrowers may elect to pay only the interest on the loan each month and repay the principal balance when the Certificate matures. The Certificate is surrendered to the bank until the loan is repaid. - Loans Secured by Stock
A borrower may use shares of stock as collateral for a loan. The rate will be determined at the time of application. The Loan amount will be a percentage of the stock value. Because stock values fluctuate daily, the value of any particular stock being held as collateral for a loan must be monitored. If at any time the value of the stock drops below the loan balance, the borrower must provide additional collateral.
Unsecured Loans
Unsecured loans are loans made with no collateral. The only guarantee of repayment is the borrower's promise, which usually makes the interest rate higher than the rate charged on Secured Loans. The two types of Unsecured Loans are Fixed Term loans and Lines of Credit.
- Fixed Term Loan
Indiana First Bank makes Unsecured Loans for various amounts and terms. Contact Us for details concerning rates and terms. - Line of Credit Loans
In Line of Credit loans, a maximum loan amount is approved and the borrower draws upon the loan as needed by the use of checks supplied to the borrower. The borrower is billed monthly based upon the amount the borrower has used. Rates are variable and are based on an economic index.
Printable Consumer Loan Application
