Important Information & Disclosures: *APR is the Annual Percentage Rate. Loan offer may change at any time and without notice.All products and services are subject to Bank and credit approval. Verify rates with an MBT loan officer. No maximum limit on loan amount as long as amount is equal to or less than the amount of your CD or savings account balance. 1
The minimum loan amount is $1000 for Home Improvement Loans, $2000 for all other loans. Repayment term up to 60 months but may be amortized up to 240 months. 2
The minimum monthly payment on all loan types is $100.00. 3
Loans up to $9,999.99 will have a $100.00 loan processing fee. Loans $10,000.00 or greater will have a $150.00 loan processing fee.
1.Loans secured by CD or Savings accounts must be equal to or less than the amount of the CD or savings account. You must maintain an account balance equal to or greater than the oiginal amount of the loan and a withdrawal hold in that amount will be placed on your account until repayment is completed. Funds in excess of the original loan amount will be available for withdrawal.
2. Maximum repayment term is 60 months (For savings or CD secured) or the CD maturity date, whichever comes first. Loan may be amortized over a longer period of time but must match CD maturity date. For example: If you borrow $25,000 at 2.27% APR for 60 months amortized over 240 months your payment will be $128.77 for 59 months with a balloon payment due at the end of 60 months.
3. Repayment will be by monthly payments determined by the loan amount and the Annual Percentage Rate (APR) tied to your interest rate, but not less than $100 per month.