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Whether borrowing for a new or used vehicle, personal items or debt consolidations, AbbyBank can serve your unique needs. The majority of our consumer loans are on an installment basis with set monthly payments, however, in certain circumstances we can do long or short term single payment or interest only loans. Collateral is typically required and your request is subject to credit approval.
For all consumer loans, you may purchase credit life or disability insurance. This protection is optional and not required by the bank. The benefit to you is if you are hurt and can't work, all or a portion of your loan payment could be made. In the case of death, your loan could be paid in full. All claims are subject to insurance review, however, customers have benefited from this coverage.
We offer several options for you to make your loan payments:
All loans are subject to credit approval. We review your credit report, employment history, collateral and ability to repay. We also need to know if you intend to apply individually or jointly with another person. If joint, we review credit and income of both parties. There is no cost to apply.
A financial institution normally does not lend at 100% of collateral value. The exception is when you are pledging a deposit account in the same institution. Typically consumer loans could borrow from 50% to 70% of the collateral value.
Your payment is determined by the amount you borrow, the interest rate on the loan and the term of the loan. The interest rate and term are determined when you qualify for the loan and is based on your credit standing and the age of the collateral offered. For example, the older the collateral, the shorter loan term will be. Typically loans for consumer goods are 5 years or less. Visit our Calculator page to help you determine your payment preference.
As students are graduating from high school or adults are making the decision to further their education, AbbyBank recommends to first check all options for any educational scholarships, grants or federal aid. To find out more about these options, the Free Application for Federal Student Aid (FAFSA) and information on higher education opportunities, go to the U.S. Department of Education.
For competitive student loans, check out SallieMae's loans options through the link below.