Last Updated: 04/18/2025
SuperMoney User Recommendation Score +62
Strongly recommended13 total votes
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Highlights
Community Rating
Strongly recommended
APR (Fixed APR)
27.99% - 35.99%(Verified 06/21/2024)
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Amount Range
$2,500 - $12,500
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Loan Term (Months)
36
Number of Reviews
Merrick Bank Personal Loans Review
Merrick Bank Personal Loans is offered by Merrick Bank, a bank founded in 1997 and based in South Jordan, UT. Merrick Bank personal loans are available in 50 states and Washington, DC.
Key Takeaways
- APRs starting at 27.99%. Personal loan interest rates typically range between 9% and 36%. The starting rates for Merrick Bank Personal Loans are on the higher end of the spectrum.
- Fast access to funds. If approved, Merrick Bank will send the money in as little as 24 hours.
- Prequalified rate. You can check your prequalified rate at Merrick Bank with a soft pull that will not affect your FICO or VantageScore.
- Origination fee of 5%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them.
Merrick Bank personal loans Pros & Cons
| Pros | Cons |
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Merrick Bank personal loans FAQ
What interest rates and personal loan terms does Merrick Bank personal loans offer?
Merrick Bank personal loans has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Merrick Bank personal loans offer?
Merrick Bank personal loans offers a fixed APR personal loan product that ranges from 27.99% APR up to 35.99% APR.
How much can you borrow via Merrick Bank personal loans?
Personal loan amounts start at $2,500 and go up to $12,500
What is the maximum loan term you can get with Merrick Bank personal loans?
Merrick Bank personal loans offers loans with terms of 36 months.
| Personal Loan Amount | $2500 - $12500 |
| Loan Term | 36 months |
| APR | 27.99% - 35.99% |
What fees does Merrick Bank personal loans charge?
Does Merrick Bank personal loans charge an origination fee?
Merrick Bank personal loans may charge a personal loan origination fee of 5% of the personal loan amount . Merrick Bank personal loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Merrick Bank personal loans charge a late fee?
Merrick Bank personal loans does not disclose whether it charges late payment fees.
Does Merrick Bank personal loans charge prepayment fees?
No, Merrick Bank personal loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | 5% |
| Prepayment Fee | N/A |
| Late Payment Fee | No |
What do you need to qualify for Merrick Bank Personal Loans?
Applicants with a credit score of at least 580 and up to 850 may be eligible for Merrick Bank Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Merrick Bank Personal Loans does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Merrick Bank Personal Loans.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted |
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| Credit Score | 580 - 850 |
What is the estimated funding time for a personal loan via Merrick Bank personal loans?
Merrick Bank personal loans will typically fund loans within 1 business day of approval and clearing necessary verifications.
Does Merrick Bank Personal Loans report your account activity to credit bureaus?
Yes, Merrick Bank Personal Loans reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Merrick Bank perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. Merrick Bank personal loans allows you to check your rates with a soft credit pull.
Are Merrick Bank Personal Loans legit?
Merrick Bank was founded in 1997, it is a well-established company that has been in business for 29 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.
Merrick Bank Personal Loans Disclosure: This doesn't constitute an actual commitment to lend or offer to extend credit. Upon submitting your loan application, you may be asked to provide additional documents to enable us to verify your income, assets and financial condition. As part of the application process, we will show you the rate and other terms for which you qualify, if you are approved. In addition to a loan origination fee, which is deducted from the loan proceeds, borrowers may be subject to fees for late payments and unsuccessful payment attempts. Refer to full loan agreement for all terms, conditions and requirements.
Offer Description. Loan amounts range from $2,500-$12,500 and APR range from 27.99%-35.99% The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and includes an origination fee that is deducted from loan proceeds. The loan amount and the APR offered will depend on our assessment of your credit worthiness. This offer is dependent on our ability to verify the information provided in the application form.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from Merrick Bank personal loans
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +62, or 4.2 on a 5-point rating scale.
+62
-1000+100
No one recommends
Everyone recommends
Merrick Bank Personal Loans Community Reviews
Would you recommend Merrick Bank Personal Loans to your friends?
MC
Martin C.
Nov 22, 2023
May or may not recommend
Have credit card with them. Outstanding!! Service is great!! They work well with you.
DC
Dylan C.
Oct 31, 2023
May or may not recommend
I am so excited whenever I need loan, that I get it from Merrick! The support and assistance I get from this company, is top notch! I never thought I would have the ability to call a company a friend, but with this loan support, I can! I highly recommend!
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
merrick bank is a very reputable and organized option if you are in need of a personal loan. I have no complaints about my time with them
RA
Rachael A.
Mar 28, 2022
May or may not recommend
You have to pay an unreasonable amount while repaying the loan. It took more than one business day to get back to me and even then I didn’t get the loan.
Kayla P.
Feb 25, 2022
May or may not recommend
My credit is low and they did offer me a loan, but it was not within 1 business day. They also have high interest rates. Really high.
Becca -.
Feb 23, 2022
May or may not recommend
Customers with incomplete credit may find that Merrick Bank's services are very well suited to their needs. Bank credit cards and loans are designed with borrowing in mind and can be used by many customers who are disqualified from borrowing elsewhere. In addition, the impressive yields on CDs can tempt wealthy clients to make money at Merrick Bank. However, the cost of Merrick Bank offerings is unclear and can be ...Show More
Taylor B.
Feb 14, 2022
May or may not recommend
merrick bank is a very reputable and organized option if you are in need of a personal loan. I have no complaints about my time with them
CR
China R.
Feb 1, 2022
May or may not recommend
I am looking at different banks with personal loans for researching purposes. Honestly this sounds like a great one! It seems very well organized and helpful to your needs. I also love how you can better your credit here and also still be considered with fair credit!
RA
Raphael A.
Jan 19, 2022
May or may not recommend
Am Extremely pleased that Merrick Bank not only gave me a chance to reestablish once near perfect Credit, due to a Not at fault Auto Accident I lost most importantly my health but, businesses, properties & my excellent credit, so Reestablishing it is an essential necessity for me now. I appreciate the opportunity & that Merrick is reputable and kept their promise of doubling my Credit if paid on time ...Show More
Celeste D.
Jan 18, 2022
May or may not recommend
Merrick Bank Personal Loa is a great company. I have had a really good experience with them overall. They are very transparent and straightforward. I hope they continue their good work and manage to grow in the future.
OA
Omolola A.
Jan 6, 2022
May or may not recommend
I admit, taking this loan was one of the greatest howlers of my life. This loan doesn’t have what a good personal loan must possess. The most disheartening part of it is that you have to pay an unreasonable amount while repaying the loan. Weird, isn’t it? Well, every cloud has a silver lining, once you apply for the loan, you will get it with no delay. This is good ...Show More
HN
Haley N.
Dec 16, 2021
May or may not recommend
I have not had a bad experience with this company so far. They seem to be a very thorough and straightforward company.
DH
Denicki H.
Dec 1, 2021
May or may not recommend
Merrick bank offers a nice, long term in the case of larger loans and doesn't charge too much for the time period. They make it easy to juggle money and keep together the different bills one may have in one bundle rather than all over the place.
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