Frequently Asked Questions For Vectra Bank’s Personal Loans

Below each loan type is a description of that particular loan. Several loans also offer Loan Calculators to offer additional information on payment options. If you need further assistance in determining the proper loan, please contact one of our personal bankers at a branch close to you. Or you may call our TeleLoan Center at 1-888-294-7838.

Click here to find a branch near you.

After you choose the financing that fits your needs we ask you some questions. We’ll ask you to tell us about the type of collateral you would use (your home, your car, an RV). If you choose a credit card or a personal loan, this information would not be necessary. We then ask you to tell us about yourself, and about a co-applicant if there is one. We need to know where you and your co applicant live and where your work. We will ask about your income, your assets, your debts and any payments you are making. In some cases we ask some government reporting questions about race, gender and marital status, which you may choose not to answer. If you accept the terms of the application, and you have correctly answered all of the required questions, Vectra Bank will process your application and provide you a loan status. Loan disclosures will be sent to you in the mail where applicable. If your loan is approved we will notify you of the next step. There may be some additional information required, such as valid identification, evidence of employment, tax returns, automobile title, property tax notice, trust documents, etc. Rest assured, this process is quick and we will walk you through every step. We then will set up a time where you will go to the branch of your choice to close the loan. If your loan cannot be approved, we will immediately inform you by mail of the reasons the loan could not be approved.

One of the most important steps you can take to ensure that you have not become an Identity Theft victim is to check your credit report.

The loan application is very quick. Depending on the type of loan, and if you have a co–applicant, the application process will take from 4–15 minutes. We will respond to your application as quickly as possible. In some cases this may be within a few minutes of applying, in others it could take up to one business day.

A Home Equity Credit Line can give you the security of knowing you can handle unanticipated expenses or financial emergencies that may come your way.

• A line of credit allows you to borrow, payoff, then borrow again at any time during the first 10 years (the draw period).
• Your access to this credit line is as easy as writing a check. Vectra Bank will even give you a check book.
• Tax advantages. In most cases, you’ll be able to write off 100% of the interest you pay. Make sure you consult your tax advisor regarding the deductibility of interest.
• You may choose to make interest–only payments during the draw period.

If you are looking for a fixed loan amount and term, a Home Equity Loan or a Home Refinance Loan may be better suited for you.

A Home Equity Credit Loan is a traditional loan with a fixed repayment term. After the closing, you begin making monthly payments.

• No Setup or Origination Fees.
• Tax advantages, in most cases, you’ll be able to write off 100% of the interest you pay. Make sure you consult your tax advisor regarding the deductibility of interest.
• You may borrow up to 100% of your home's equity.

At Vectra Bank, you can refinance your home for seven, 10 or 15 years without paying any closing costs or origination fees.

• Lower Interest Rates: You’ll find our rates to be among the lowest around. And you can make your rate even lower by having your payment automatically deducted from your Vectra Bank checking account.
• No Set–Up Fees: When we say “no fees,” we really mean it. With a Home Refinance Loan from Vectra Bank you’ll avoid paying origination fees, points, closing costs, title insurance fees and appraisal fees.*
• Tax Advantages: When you use your Home Refinance Loan to you pay. Make sure you consult your tax advisor about the tax deductibility of interest.
• How Much Can You Get? The amount of your loan depends on your income and debt levels, your credit history and the property value of your home.* The maximum loan–to–value ratio for a home refinance loan is 80%. To estimate your loan–to–value ratio, simply divide the expected loan amount by the value of your home.

* Property value to be determined by the bank.

VectraBank.com has a variety of tools to help you get a great deal on a new home loan. Click here to find a Vectra Bank Mortgage Expert in your area to assist in your application.

Finance your new or used automobile and get up to 100% financing — including money for taxes, licensing, and approved warranty contracts. If you are applying for financing on a used automobile that is older than seven years, please apply by calling the loan center at 1-888-294-7838.

Vectra Bank can help you enjoy your favorite outdoor recreational activities with financing for your new or used motor home, travel trailer, boat, motorcycle, snowmobile or personal water craft. If you are applying for financing on a used RV that is older than seven years, please apply by calling the loan center at 1-888-294-7838.

A Vectra Bank personal loan can help pay for household goods, unexpected expenses or any personal need. An unsecured loan allows you to borrow without collateral. Your loan amount will be based on your income and ability to repay.

When shopping or traveling...business or pleasure... trust a Vectra Bank Visa^® or MasterCard^® credit card to expand your purchasing power. To learn more about our credit card options click here.

Vectra Bank offers many loans in which other property types may be available. If you need additional help with a loan that is not available on this web site, please call the Vectra Bank Teleloan Center at 1-888-294-7838.

AutoPay allows you to quickly and easily make payments directly from your Vectra deposit account to your loan or line of credit account with us. Using online banking, you can also schedule one time or recurrent payments right from your computer anywhere or anytime.

Additionally, Vectra Bank gives our best rates to those customers who choose to have their entire banking relationship with us. If you have a Vectra checking account and set up AutoPay, you will have access to our best rates. Check with your banker on our current loan or line of credit rates.

If you don’t already have a checking account with Vectra Bank, we’ll make it easy to switch with Account Transition Plus. Please call 800-232-8948 and request your Account Transition Plus switch kit today!