How do loans work?
You must submit an application and receive approval from a lender to get a loan. After approval, you will receive a lump sum based on your approved amount. You will then repay the loan back, with interest, in equal monthly installments for the length of the loan.
What is the difference between a loan and a line of credit?
A loan is an amount of money that you borrow for a specified length of time. You receive a one-time, lump sum that is paid down through fixed monthly payments with a fixed rate for a fixed term. A line of credit is a borrowing limit extended to you. The funds are available to you up to a pre-assigned credit limit and you have the ability to reuse your line of credit as you repay. Your monthly payment will be based on the amount of the line you have outstanding.
Can I consolidate debt with a personal loan?
Using a personal loan to consolidate multiple debts into a single monthly payment can be a great option for individuals and businesses. This type of loan will usually require collateral and current debt on the home or other asset can be wrapped into the new consolidation loan. First, identify all the debts that you are interested in consolidating. Then apply for the total sum, or more, if you would like to have some left over for another purpose, letting us know all the debts you would like to consolidate into your loan. Once you are approved, the Personal Loan funds can be used to pay off your higher interest debts and consolidate into one loan with a single monthly payment, often at a lower rate than your multiple debts.
What is the difference between interest rate and APR?
The interest rate is the cost to borrow money from your line of credit. The APR (annual percentage rate) adds in some of the upfront costs of getting the line of credit in addition to the interest, including any lender fees.
Am I eligible for a Personal Loan?
When reviewing your application information, a Consumer Lending underwriter at the bank reviews several factors to assess whether you qualify for the loan or line of credit, including your credit score and the amount of debt you have compared to your total income. You must be at least 18 years old and a resident of VA, NC, or SC.
How long does it take to get a loan?
Loan approval and funding can occur in as little as two days; however, when real estate is involved, it can take longer to document and fund a loan.
For how long can I borrow the money?
The loan term is based on the type of collateral and its useful life. Most auto loans range from three to five years and home loans can range from ten to thirty years.
What documents do I need to apply for a loan?
You will need your social security number and basic employment and income information to apply for a loan. Once we receive the application, we will determine if any additional information is required.
How will a personal loan impact my credit?
During the application process, an underwriter will make a credit inquiry, which could impact your credit score for up to two years. This “hit” is usually small, sometimes less than 5 points, and depends on how many other inquiries have recently been made. Beyond the initial credit inquiry, your credit score should not be impacted as long as you make your payments on time.
What is my monthly loan payment?
Your monthly payment is a combination of principal and interest divided evenly into monthly installments over the term of your loan. If you are unsure of what your payment amount is, it is available as part of your account details in your online or mobile banking profile. Your monthly payment can also be found within your signed loan documents.
Can I set up automatic payments for my loan?
Yes, you can set up recurring payments through Online Banking or call us to set it up for you.
Can I access information about my loan history through online or mobile banking?
Yes, you can access a variety of information about your personal loan in both your online and mobile banking:
- Principal Balance
- Current Amount Due
- Regular Payment Amount
- Next Payment Date
- Total Interest Paid Year to Date
- Interest Paid Last Year
- Interest Rate
Can I pay off my loan early?
Yes, you can pay off a loan early by increasing your monthly payments or paying off your loan in a lump sum. Learn more about paying off a loan early. There are no penalties for paying off a Movement Bank Personal Loan early.
What should I do if I am unable to make a loan payment on time?
If you are unable to make a loan payment on time, please contact a Santander representative as soon as possible at 434-792-0198 or toll-free at 855-274-3672.
Can I view my loan statements or payment notices online?
Yes, you can view your loan account statements and notices by selecting “Services” from the Online Banking Menu and then selecting Statements.
How can I make a payment?
We have the following convenient options for making loan payments:
- Log in to Online Banking and make a one-time or recurring transfer from a deposit account to pay your loan.
- Click here to make a payment using your debit card.
- Visit a branch to make a payment.
- Mail a check to Movement Bank, PO Box 6400, Danville VA 24541.