TrustCo Bank opened its first branch in Schenectady, New York, in 1902. Now it has 143 branches in five states, $4.6 billion in assets, is traded on NASDAQ, and was rated by SNL Financial as the 10th best performing savings bank in the country. However, TrustCo has remained loyal to its traditional banking principles, which has allowed it to remain profitable for the last 100 years, despite depressions and recessions. Although TrustCo Bank specializes in residential mortgages, it also provides personal loans for a wide range of purposes.
You need to have a bank account with TrustCo to apply for a personal loan, so your first step should be to call or visit your local TrustCo branch. A loan officer will walk you through the rates and terms, which vary depending on the purpose of the loan. If you qualify, you can either deposit the funds in your TrustCo bank account or wire it to another account. TrustCo doesn't have fixed credit requirements, such as a minimum credit score, when assessing a loan application. Instead, loan officers look at clients' entire credit history and their income to debt ratios.
TrustCo personal loans range from $2,000 to $25,000. The maximum loan term is 4 years. Unsecured home improvement loans have a maximum of $7,500, a minimum of $1,000, and maximum loan term of 5 years.
TrustCo has a fixed rate for all its unsecured personal loans: 12.875%, regardless of how high or low a client's credit or income is. If you meet the eligibility requirements, you get the standard 12.875% rate, which is high compared to the average interest rate for savings banks, 10.82%. The rate for unsecured home improvement, on the other hand, is 8.375%, which is much more attractive.
Clients that set up automatic monthly payments from a TrustCo bank account, can negotiate a reduced rate.
TrustCo does not have an online application form. You can start the application process over the phone, but the paperwork has to be signed in person, preferably at the branch. Loan officers will travel to meet you and give you the application package, if you don't live close to a branch. Although the application process is far from high tech, you will still receive a response within 48 hours.
TrustCo is a large financial institution with over 100 years of history, but its branches maintain a small town bank feel where clients are welcomed by name and receive high quality customer care.
The use of a single rate for personal loans, instead of a wide range of rates based on creditworthiness, keeps things simple when shopping for rates. Also, TrustCo's holistic view of credit when assessing loan eligibility is good news for customers with unremarkable credit scores who have an overall sound credit history.
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