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Personal Loans

Many people use personal loans to finance home projects, unexpected expenses, or to consolidate high-interest debt. Personal loans are also a good option for those who have yet to build home equity.

Account Summary

  • Best for single, one-time purchases of a specific amount for predictable monthly payments
  • Use for a set period of time
  • Multiple payment options and rates (dependent on income and credit score)
  • Interest rates can be lower than credit cards
  • Interest rate reduction based on your First National Bank relationships

Personal Lines of Credit

With a personal line of credit, you'll be prepared for uncertain borrowing needs.  Plus, you'll only pay interest on the funds you're using.

Account Summary

  • Best for multiple purchases, ongoing use or life events with uncertain costs
  • Use a Visa® Debit Card, checks or transfers to make purchases from a line of credit
  • Credit limit is determined by need, income and credit score
  • Interest rates can be lower than credit cards
  • Can be used for checking account overdraft protection
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Personal Loans FAQs

Personal Loans

Personal loans are a type of loan that let you borrow a fixed amount of money that is distributed in a lump sum. With a personal loan your monthly payments will be the same each month because they offer fixed interest rates and a fixed repayment timeline.

Personal Lines of Credit

A Personal Line of Credit is an unsecured revolving credit line that allows you to borrow money against a preset limit, much like a credit card. Although your monthly payments may change due to the variable interest rates, you pay interest only on the amount you use.

Generally Personal Loans are used for one-time expenditures, like financing home projects, taking care of unexpected expenses, or to consolidate high-interest debt. Personal Loans are typically unsecured, which means they don’t require collateral like a home equity loan, and as a result are accessible to almost anyone.

Personal Lines of Credit are ideal when managing purchases with unclear overall costs, multiple purchases, ongoing use or to cover for life events with uncertain costs. With a Personal Line of Credit, you'll be prepared for uncertain borrowing needs, plus, you'll only pay interest on the funds you're using.

For both Personal Loans and Personal Lines of Credit, the amount you can borrow (your credit limit) is determined by need and credit qualifications such as your income and your credit score.

More info: Understanding, Managing, and Improving your Credit Score