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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

Claimed
in Personal Loans from Merrick Bank
SuperMoney Net Recommendation Score +55  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +55, equating to 4.1 on a 5 point rating scale.

+55

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

7 users recommend
3 users are unsure
1 user doesn't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 27.99% - 35.99%
(Verified 08/04/2023)
Loan Amount $2,500 - $12,500
Loan Term (Months) 36 months
Number of Reviews 11

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 5% and 36%. The starting rates for Merrick Bank Personal Loans are on the higher end of the spectrum.
  • Fast access to funds. If approved, you can sometimes 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?

Personal loan amounts start at $2,500and 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.

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, 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?

No, Merrick Bank personal loans will not charge you a late fee if you miss one of the monthly payments.

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.

Merrick Bank personal loans Fees
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. 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 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
  • 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.

Are Merrick Bank Personal Loans legit?

Merrick Bank was founded in 1997, it is a well-established company that has been in business for 26 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

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.

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Availability

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

Feature Breakdown

Origination Fee (%) 5%
Checking Account Required
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
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)
  • Payroll Check or Prepaid Card
  • Cash
  • 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-Qualified Soft Credit Inquiry
APR Type Fixed APR
Loan Amount $2,500 - $12,500
APR (Fixed APR) 27.99% - 35.99%
(Verified 08/04/2023)
Loan Term 36 months

Merrick Bank Personal Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +55, equating to 4.1 on a 5 point rating scale.

+55

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any financial institution. This editorial content is not provided by any financial institution.

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We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.