Personal Loan: Terms and Conditions

A personal loan is a long-term financial product. Peoples Bank of Commerce offers unsecured personal loans to its customers.

What Is a Personal Loan Suitable For:

Home repairs;
Car repairs;
Payment of medical bills;
Moving;
Wedding;
Vacation;
Funeral;
Major purchases;
Other necessary expenses.

Interest Rates

Rates range from 6.99% to 24.99%.

Peoples Bank of Commerce offers personal loans ranging from $3,000 to $45,000. Personal loan repayment terms range from 12 months to 64 months.

No collateral required

The personal loan from Peoples Bank of Commerce is unsecured. Therefore you are not required to use your home or vehicle as collateral.

If you lack equity or are ineligible for a home equity loan or line of credit, this can be a good option for you.

No hidden costs or fees

When you take out a personal loan in Peoples Bank of Commerce, there are no origination costs or prepayment penalties. You are always allowed to make partial or full loan payments in advance.

What Is Required to Get a Personal Loan?

Please gather the following information before submitting a loan application.We accept loan applications both in-store and online. You can apply for a personal loan by phone if you have an account.

Personal contact information

Social Security Number or Individual Tax Identification Number (ITIN);
Citizenship status;
Email address;
Telephone number;
Permanent address.

Employment and income information

Employment Status;
Work phone number;
Employer name;
Gross monthly income amount and source(s) of income (all sources you want to consider for your loan);
Monthly mortgage or rent payment amount.

Additional documents (requested as necessary)

Recent pay stubs, W2s, or tax returns;
Utility bills (to verify address);
Copy of driver’s license or Social Security card;
Information to payoff current accounts;
IRS Form 4506C – Request for Transcript of Tax Return;
Power of Attorney;
Applicant employment and income authorization form.

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Charter Office

234 East First Ave,
PO Box 592
Cambridge, MN 55008
763.689.1212