Installment Loan 101 Financial Tip Friday- may prove to be an option if there is a large purchase of quick need to help the family.

Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison. 

Whether an unpredicted need for a new family vehicle occurs or fun family boat or RV, an installment loan from a lender might be a useful option.

Installment Loan

With an installment loan, you repay the loan back to a bank over a specific period of time (term) with set monthly payments. First National Bank of Dennison offers secured and unsecured (signature) loans.

Secured Loan

• Lender requires collateral (property, assets, cash, car-title)

Unsecured Loan

• Lender does not require collateral (house or car)
• Typically requires higher credit score since there’s no collateral

Before signing any installment loan be sure to check all the fine print including the interest rates, and penalties.

Questions?

• There’s 6 knowledgable bankers in Tuscarawas County to call on:

 

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