Most of us are familiar with loans. It’s the borrowing of money with the promise it will be paid back, plus interest, within a specified window of time. The concept is straightforward, assuming you know how much you need to borrow, and when. Of course, that’s a pretty big assumption.
A standard personal loan doesn’t fit every situation. Sometimes, the costs and timeline are variable. You might even be in a situation where the need for extra funding is a “maybe” and not a “for sure,” but access to funding is still important.
So, which Starion product is right for you? Is your need best suited to a personal loan, a Premier Line of Credit, or Ready Credit? Let’s break it down.
How Starion personal loans work.
There are numerous reasons to take out a personal loan. Debt consolidation, home repairs, medical emergencies and weddings are just a few examples.
With a personal loan, you’ll get all the money at once, in a lump sum. Because of this, you often need to know how much you want to borrow before you apply. The interest rate is fixed, meaning your monthly payments will always be the same amount. We’ll help you set up a loan length and payment plan that fits your budget.
For a smoother payment experience, we offer online and mobile banking. If you’re worried about forgetting to make a payment, we’re happy to help you set up automatic payments.
How Starion Premier Lines of Credit work.
A line of credit has some of the same applications as a personal loan. There are a number of differences, though, that affect which product might be right for you.
Instead of receiving a lump sum, a line of credit allows you to take out the money as you need it. This is handy when you need to borrow money but aren’t sure exactly how much, or when exactly you’ll need it. Our Premier Line of Credit allows you to borrow up to $25,000. You can take advantage of the funding by writing checks, e-banking, or withdrawing at Starion locations.
The Starion Premier Line of Credit helps with smoothing out irregular income for freelancers or business owners whose work is seasonal. It's also well suited to long-term upgrade or repair projects, or whenever you need extra funds to pay off unexpected expenses.
How Starion Ready Credit works.
Starion offers an always-accessible line of credit called Ready Credit. It is commonly used as overdraft protection because the loan doesn’t kick in until you make a purchase or transaction that is larger than the balance in your Starion checking account. In the case of an accidental overdraft, an advance is conveniently dropped into your account. You pay the balance later and, in the process, avoid overdraft fees.
Personal loans have a set amount, and the Premier Line of Credit is open for a finite length of time. The advantage of Ready Credit is that it’s convenient, flexible and continuous. Once your Ready Credit is established, you can use it at any time. Borrow money, pay down the balance, and repeat.
A Few Things to Note.
The personal loan and both lines of credit products do require a credit check for approval, and your personal credit score is affected by using them. All three products require monthly payments.
Also, when you use the Premier Line of Credit, there’s a chance that the interest rate may change over time as you borrow the money, which can affect the amount of your monthly payments.
Meeting the Needs of our Committees.
Wells Fargo recently cut their product offerings, frustrating many of their customers. Sprawling, nationwide banks are less community-minded, and often more concerned about their bottom line and quarter-to-quarter metrics.
Starion Bank is close-knit with the communities we serve, and we understand that your lives do not fit neatly into a handful of cookie cutter options. Our wide range of products give you the flexibility to borrow what you need, when you need it.
If you’re still unsure which Starion Bank product suits you best, contact us and we’ll be happy to sit down and walk you through the options.
If you already know what you need and are ready to apply, there are three easy ways to get started: