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  Merrick Bank Personal Loans

Merrick Bank Personal Loans

in Personal Loans from Merrick Bank

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Merrick Bank Personal Loans

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in Personal Loans from Merrick Bank

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Highlights
APR  (Fixed APR) 27.99% - 35.99%
Loan Amount $2,500 - $12,500
Loan Term (Months) 36 months

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 is available in 50 states (and Washington, DC).

Key Takeaways
  • APRs starting at 27.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Merrick Bank Personal Loans are on the higher end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalified rate. You can check your prequalified rate at Merrick Bank with a soft pull that will not affect your credit score.
  • Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Merrick Bank Personal Loans early.
  • 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
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • APRs as high as 35.99%.
  • Charges an origination fee of up to 5% of the loan amount.
  • Charges prepayment fees.
  • Charges a late fee.
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?

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 up to 36 months.

Merrick Bank personal loans Interest Rates & Loan Terms
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 before depositing your money, 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?

Yes, Merrick Bank personal loans may charge borrowers a late payment fee if you miss one of the monthly payments.

Does Merrick Bank personal loans charge prepayment fees?

Yes, Merrick Bank personal loans may charge additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a personal loan early.

Merrick Bank personal loans Fees
Origination Fee 5%
Prepayment Fee Yes
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. Merrick Bank Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Merrick Bank Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Merrick Bank Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Driver's license
  • Government issued photo ID
  • Proof of citizenship or residence permit
Merrick Bank personal loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • 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 approve (or deny) a loan application within 24 hours and fund loans within 1 business day of approval.

    Does Merrick Bank Personal Loans report your account activity to credit bureaus?

    Yes, Merrick Bank Personal Loans reports your account activity to the following credit reporting agencies:

    • 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 improve your credit.

    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

    When you're applying for a personal loan, you deserve to be seen as more than just a credit score. We specialize in credit products that assist people looking to build or rebuild their credit, so we look at more than just your financial history when creating the best offer for you.

    Availability

      Available in 50 states and Washington, D.C.
    • Alaska
    • Alabama
    • Arkansas
    • Arizona
    • California
    • Colorado
    • Connecticut
    • Washington, DC
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Iowa
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Massachusetts
    • Maryland
    • Maine
    • Michigan
    • Minnesota
    • Missouri
    • Mississippi
    • Montana
    • North Carolina
    • North Dakota
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • Nevada
    • New York
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Vermont
    • Washington
    • Wisconsin
    • West Virginia
    • Wyoming

    Feature Breakdown

    Origination Fee (%) 5%
    Checking Account Required
    Employment Statuses Considered
    • Other
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Government Issued Photo ID
    • Social Security Number
    Credit Score Range 580 - 850
    Approval Speed 24 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 day
    Payment Options Automatic Payments
    Pre-Approved Soft Credit Inquiry
    Loan Amount $2,500 - $12,500
    APR (Fixed APR) 27.99% - 35.99%
    Loan Term 36 months

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