Loans
Merrick Bank Personal Loan review: is it worth it?
Looking for a loan which will accept people with a poor credit history? Merrick Bank’s might be worth looking into.
Advertisement
Merrick Bank Personal Loan review and benefits: fast approval and no hard pulls until you say so
In this Merrick Bank Personal Loan review we are going to cover its main features, pros and cons, and help you decide whether this card is for you. Let the reviewing begin.
With this personal loan you do not have to worry about hard inquiries until you make the decision to take the loan. Note however that Merrick will run a soft inquiry on you, and if you decide not to proceed, you will only take a minor hit to your credit score.
Loans range from $2,500 up to $12,000. Approval generally comes out within a day or two from when you submit your application. Once you have been approved, you should receive the funds in your checking account within a couple of business days.
Have a look at some relevant figures about this personal loan.
How to Apply for the Merrick Bank Personal Loan
A complete step-by-step guide for you to get your loan in a few simple steps.
APR | 27.99% – 35.99% |
LOAN PURPOSE | Not specified |
LOAN AMOUNTS | $2,500 – $12,500 |
CREDIT NEEDED | 580 |
TERMS | 36 months |
ORIGINATION FEE | 5% |
LATE FEE | N/A |
EARLY PAYOFF PENALTY | N/A |
Merrick Bank Personal Loan: how does it work?
Merrick Bank is a financial institution which specializes in customers with less-than-perfect credit scores (“non-prime customers, as they are called in the financial jargon). The bank features a range of financial products, and you can apply for a personal loan with a 5% origination fee if you meet the following criteria:
- You must be at least 18 years old
- You need a Federal osr State ID
- Must be able to prove you have an income
- You need a bank account.
Merrick Bank Personal Loan also reports to all the three major credit bureaus. Therefore paying your balance on-time will prove very useful if you are trying to build a consistent credit history to apply for good credit card offers or even better loan offers.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Is it worth it to apply for Merrick Bank Personal Loan?
Let’s have a look at some of the benefits and disadvantages of the Merrick Bank Personal Loan.
Benefits
- Will take applicants with fair credit
- Fast application and approval
- Only a soft pull required
Disadvantages
- 5% origination fee
- $2,500 minimum and $12,000 max loan limit
- 35.99% APR
What credit scores are required for your application?
One of the advantages of the Merrick Bank Personal Loan is that they will approve applicants with fair credit. It does not require a perfect credit score for approval. The minimum accepted score is 580, but as always the closer to excellent you are, the higher the chances of getting approved for the card.
Merrick Bank Personal Loan: applying for this loan today
If you would like to apply for this personal loan, log on to Merrick Banks website with your personal information at hand and you are ready to apply. If you want to jump straight to a step-by-step guide for the application process, just hit the link below.
How to Apply for the Merrick Bank Personal Loan
A complete step-by-step guide for you to get your loan in a few simple steps.
Trending Topics
An easy guide to combining finances as a couple
Planning to combine finances as a couple? Read what research shows about this, and what are the best methods for combining finances.
Keep ReadingApplying for the Indigo® Mastercard® with Fast Pre-qualification card: learn how!
See how to apply for an Indigo® Mastercard® with Fast Pre-qualification card and live your best life while building a stronger future!
Keep ReadingApply for StellarFi Account: convert bills into payments
Learn how to easily and quickly apply for a StellarFi Account and turn your bills into payments. Get the most out of your money today!
Keep ReadingYou may also like
Simplify your finances: Apply For Pelican Pledge Visa
Apply for the Pelican Pledge Visa Like a Pro - build credit fast and achieve your financial goals! Read on!
Keep ReadingTruist Enjoy Cash Credit Card full review
Want a card option with great rewards? Check out this Truist Enjoy Cash Credit Card review and find out if it's what you're looking for.
Keep ReadingEmergency Fund: What it is and how to build one?
Learn how to build an emergency fund and make sure you never run into trouble for lack of planning and preparation. Start your fund today!
Keep Reading