Personal Loans

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.

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.

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.

Let the loan staff at your friendly bank, Eastern Colorado Bank, help to 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.