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Whether buying a new car or financing a dream vacation, American Bank of Commerce can help you achieve your goal with a personal loan that’s right for you. As a full-service bank, we offer multiple products and services to make your life easier and streamline the time you spend on financial decisions.
Please call us toll free at 1-888-902-2552 or stop by one of our convenient ABC Banking Center locations to pick up an application and visit with our friendly staff.
If approved you will have availability to a revolving credit line which can be accessed at your convenience. CREDITadvantage is a better way to have the money for what you need when you need it. CREDITadvantage is a personal line of credit through which you may qualify for as much as $25,000 at a variable rate of interest above the Wall Street Journal Prime Lending Rate.
Access your credit line in several easy ways:
- Withdraw funds directly from your CREDITadvantage loan at any teller window
- Request a transfer to your checking account for the needed amount of funds from any ABC customer service representative
- Write a check on your American Bank of Commerce checking account for more than your current balance and we will advance the money you need automatically, in increments of $100 into your checking account.
The advantage over credit cards
CREDITadvantage is a better alternative to many high interest credit cards or department store cards. You’ll enjoy an interest rate that most credit cards cannot match and you pay no late fee or access charges. Since the interest rate is lower than that of most credit cards, you can save money by paying off credit card balances using your CREDITadvantage account.
Activity history and repayment methods
Each month you can see a history of your CREDITadvantage account activity on your regular checking account statement. 2.5% of your outstanding balance or $25.00, whichever is greater, is due monthly. Your minimum monthly payment will be automatically drafted from your checking account. Also, you can pay all or part of your CREDITadvantage balance at any time without penalty.
Applying for CREDITadvantage
Applying for CREDITadvantage is as easy as applying for a credit card, maybe easier. Since we are locally owned, our decision-makers are here providing you with quality and efficient service. To apply, please contact a new account representative at one of our convenient ABC Banking Center locations.
Home Equity Loan
All these years, you’ve been diligent about paying your mortgage. During that time, you’ve built equity in your home. To lenders, this equity has value, and they recognize it. It shows that you have a history of financial responsibility and that you have good collateral for a loan. For many people, your home is the most valuable thing you own. Even if you haven’t paid off your home, there is still value in what you have paid up until this point. That equity can be used to leverage greater loan opportunities through a home equity loan.
However, not all loans are the same. You wouldn’t use a credit card to buy a car. You wouldn’t use an equity loan to pay for a weekend getaway. It’s important to make sure you understand which loan is best suited for your needs.
Home Equity Loan Benefits
Since a home equity loan is a secured loan — using the equity in your house as collateral — such loans provide advantages to other unsecured loans.
- When you take out a loan, ultimately, you pay back the loan plus the interest that accumulated during the life of that loan. If low-interest rates are a priority to you, you’ll want a secured home equity loan
- With a home equity loan, the interest can typically be deducted from your taxes.* The IRS does have some limitations on the amount you can deduct, and it depends on several factors such as when the loan was made and how you used it. Make sure to talk with a tax professional before you make any deductions.
- You can also borrow significantly more with an equity loan, depending on how much equity you’ve created within your home. In most cases, you wouldn’t take out a home equity loan on a brand new mortgage because you wouldn’t have much equity yet.
When should I consider a home equity loan?
Home equity loans are most often used for major expenses. You shouldn’t apply for an equity loan without a project or expense in mind. These loans are intended for those expenses where you wouldn’t want to dip into your savings account to cover. A home equity loan can provide a valuable financial boost. However, make sure you understand how these loans work, and if one is right for you. An American Bank of Commerce lending professional can advise you on what’s best for your situation, and answer any questions you may have.
Home improvement - many home equity loans are used for major home improvements, especially ones that add value to your home. It can be a wise investment to take on a loan, if you can improve your home’s worth when it’s time to sell.
Medical bills - in your lifetime, you or a family member may have an unplanned medical emergency. Insurance can only cover so much. In those instances, a home equity loan can provide some comfort without you having to make a large upfront payment to the hospital.
College education - a home equity loan is a good option if you need a low-interest loan to cover you or your child’s post-secondary education. Many adults choose to return to college to gain additional training and to improve their careers. The anticipated increase in income will enable you to pay the debt quickly, making a variable rate less of a risk.
Consolidating debts - if you find yourself only able to pay the minimum amount on a number of credit cards, you can use a home equity loan to consolidate those debts into one easy, low-interest loan. Most credit counselors take a similar approach. Except with a home equity loan, you could work directly with the bank itself, avoiding the counselor service fees.
Starting a business - the number one reason why businesses fail in the first few years is they lack the necessary starting capital. A home equity loan can give your company the funds to start off on the right foot. You will want to assess your ability to repay the loan, regardless of your venture’s business plan.
* This is not legal advice; please consult a tax attorney for details.
We know that you have a lot of choices when it comes to selecting a mortgage lender; however, knowing who to trust can be a challenge. At American Bank of Commerce, our experienced mortgage lenders are here to guide you through the process and to help you find the best mortgage for your situation.