Personal Loans Home Personal Loans Personal Loans Tell us your need and some basics related to your current financial situation. Our bankers will work with you to determine the funding approach that is most appropriate for you. We have the following fixed-term, fixed-rate products at our disposal: Home Equity Loans An excellent borrowing vehicle that may provide you with the opportunity to deduct the interest you pay from your annual income taxes by leveraging the equity you have accumulated in your home as collateral. Consult your tax advisor to be certain. Installment Loans Most often used for the purchase of automobiles, motor homes, and recreational vehicles. An Installment Loan is typically secured using the vehicle that is to be purchased as collateral. Personal Loans Used for anything from the payment of medical bills or tax payments, to funding a family vacation. Personal loans can be either secured by collateral or unsecured. Due to increased potential risk for the bank, interest rates for unsecured loans are typically significantly higher than those for loans that are secured by collateral. From Ready Cash to Home Equity Lines First Bank Elk River offers two types of personal credit lines. READY CASH A flexible revolving line of credit linked directly to your First Bank Elk River checking account. Ready Cash features: Line amounts from $300 to $2,500 No collateral required If your account balance dips below zero, your line of credit will automatically transfer funds to cover the negative balance (in $200 increments up to your credit limit) Economical automatic monthly payment of either 5% of your outstanding balance or $25.00, whichever is greater No penalties for early payoff Reuse your revolving line; no need to apply for additional credit HOME EQUITY LINE OF CREDIT Leverage the equity in your home to pay off high interest debt, purchase a new vehicle, or fix up the house. Home Equity Line features: Minimum – $5,000 Competitive interest rates Variable interest rates No penalties for early payoff Check-writing capabilities Minimum advance of $500 QUICK LINKS Remote Deposit Order New Checks ATM Locator Identity Theft QUICK LINKS Lost or Stolen Card Protect Your Internet Banking Privacy Policy Routing #091903844 | NMLS #408946 Member FDIC | Equal Housing Lender | Copyright 2020 First Bank Elk River | All Rights Reserved Privacy & Cookies Policy