Exchange State Bank is a state-chartered community bank based in Carsonville, Michigan. The company was founded by David Crorey in 1901 with a startup capital of $20,000. In 2014, Exchange State Bank had over $150 million in assets and six branches throughout East Michigan.

How Does It Work?

Exchange State Bank offers a wide range of banking services, including residential, commercial and personal loans. To apply for a personal loan application call or visit one of their branches. Exchange State Bank does not use credit scores to determine eligibility. Instead it focuses on borrowers' income-debt ratios.

What Are The Interest Rates?

Exchange State Bank has a fixed interest rate for eligible borrowers of 8.95%.

How Much Money Can I Borrow?

There is no set limit on personal loans, but loans above $10,000 will probably require some type of collateral. The maximum loan term is 36 months. A 36-month loan of $10,000 would have monthly payments of $317.76, for a total cost of $11,439.36. There is also a $100 loan application fee to consider.

What Is the Application Process Like?

The application process is performed over the phone and at Exchange State Bank's branches. You can also download a loan application from the website. The entire approval process usually takes between one and two business days. Exchange State Bank does not use credit scores but will require a full financial statement to determine your income-to-debt ratios.

How Is It Better Than Other Lenders?

Exchange State Bank is a local bank with strong ties to the community since 1901. Its interest rate on personal unsecured loans is below the average rate for savings banks. However, there is a $100 loan initiation fee to consider. The fact it doesn't use credit scores to determine eligibility is good news for borrowers who currently are financially stable but who have less than perfect credit due to past financial issues.

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