Personal Loans
Planters Bank is ready to provide personal loan options that fit your specific borrowing needs. From home improvements … to a family vacation … braces to fix teeth … funds to further one’s education … and so much more. Our bankers are ready to help you choose the best type of loan to achieve your goal. You can Expect Great Things when you contact any Planters Bank office.
Home Equity Loans and Lines of Credit (HELOC)
Use the equity in your home to finance significant expenses such as home improvements, property purchase, medical expenses, second car, RV, a college education or dream vacation. The interest you pay may be tax deductible.1
- Home Equity Loans – Use the equity in your home to get a fixed-term, fixed-rate loan with regular repayment periods (usually monthly payments).2
- Home Equity Lines of Credit (HELOC) – Once your Line of Credit amount is determined, you may use your allotted credit amount however and whenever you choose! You can access your funds by writing a special HELOC check or transferring HELOC money into your Checking or other Deposit account. Similar to a credit card, you may elect to pay interest only for a month or two … or pay down your outstanding loan balance at any time without prepayment penalty.2
If you think a Home Equity Line of Credit is your preference, please review this helpful booklet before completing your HELOC Application: What You Should Know About Home Equity Lines of Credit. Please also carefully review the following disclosures and print a copy for your records:
- HELOC Disclosure – 15-year loan term with a minimum payment of 1.5% per month of the outstanding balance.
- HELOC Disclosure – Interest Only Payment – 5-year loan term with payments of interest only for duration of the loan term.
- HELOC Disclosure – Interest Only Special – 10-year loan term with payments of interest only for duration of the loan term.
Home Equity Application
By clicking on the Home Equity Application button, you will open a Universal Real Estate Credit application. You may type your information in the interactive fields – OR – print out the form and fill it in by hand. Submit your completed and signed application by U.S. mail or personally deliver it to your nearest Planters Bank office.
Important Note: Please DO NOT send your Universal Real Estate Loan application via email or fax because your personal information WILL NOT be secure.
Loan Express
Existing Planters Bank Checking Account customers can apply online for a Personal Loan or Line of Credit amount of $1,500 to $15,000 ... and receive a response in seconds! 3 Once approved, you may access your funds within three business days.
If you do not currently have a Planters Bank Checking Account, please visit any of our banking offices for assistance in setting up a Checking Account that fits your desired way of banking!
Installment Loans
Need cash for a single purpose with a specific payback period? A Planters Bank Installment Loan allows you to pay back your loan amount in manageable equal monthly payments. It is a handy personal finance tool that helps consumers have the financial resources for home improvements, recreational vehicles, second cars, education costs or unexpected expenses.
An Installment Loan can also be used to pay back high interest debt such as credit cards, vehicle financing, quick-cash balances, etc.
Submit your completed and signed application by U.S. mail or personally deliver it to your nearest Planters Bank office. Important Note: Please DO NOT send your Universal Credit application via email or fax because your personal information WILL NOT be secure.
PaySound Checking Plan
Get this innovative Checking Plan that is both a Personal Line of Credit and Checking Account! Apply in seconds and be setup in minutes … all online!
- Enjoy the convenience and accessibility of a Planters Bank Checking Account.
- You also have access to a Personal Line of Credit of up to $1,000.4
- Another benefit is you will never be charged an overdraft fee by Planters Bank.
Overdraft Privilege
Having a check returned due to insufficient funds can be a costly experience. With Overdraft Privilege, you’ll have peace of mind knowing you have an extra level of protection against account reconciliation errors, unanticipated cash flow emergencies or other unintended overdrafts. Other overdraft protection options include having funds transferred from a line of credit or other designated account to your Checking Account to cover payment when an unexpected overdraft occurs.
Please be aware of the following:
- Overdrafts can be created by: Checks, ACH Transactions, In-Person Withdrawals, Internet Banking, Preauthorized Automatic Transfers, Telephone Banking, ATM activity or Debit Card transactions, and will result in a fee of $37 per item paid or returned. Accounts will be charged an overdraft per day fee of $5 after the account has been negative for 4 days.
- Planters Bank does not encourage overdrawing your checking account. Overdraft Privilege is a non-contractual courtesy available to Personal Checking Account holders in good standing and is subject to approval.
- Overdraft Privilege is subject to approval. When Planters Bank pays overdraft items, customers will be charged normal NSF-item paid fee for each item presented. You must bring your account to a positive balance within a 30-day period. Whether overdrafts will be paid is discretionary and Planters Bank reserves the right not to pay. For example, the bank typically does not pay overdrafts if the account is not in good standing, if the customer is not making regular deposits or if the customer has too many overdrafts.
- Overdraft Privilege will only be available for ATM and everyday Debit Card transactions if you authorize the Bank to pay those transaction types (see ATM/Debit Card Consent Form). If you authorized Overdraft Privilege for ATM transactions, please verify your balance before initiating an ATM withdrawal.
Tips on Avoiding Overdrafts – The following tips can help you manage your account wisely to avoid overdraft situations.
- Keep an eye on your account balance prior to writing a check or using your debit card. Prevention is your best medicine.
- Review your transactions on an ongoing basis.
- Use services, such as Online Banking, to help you keep up-to-date with your balance.
- Remember to record and deduct Checks, Automatic Recurring Payments and Debit Card transactions and to add any deposits that have not yet been posted to your account.
- Do not use your Debit Card like you use your Credit Card. Your Debit Card is like an electronic check and the funds are automatically deducted from your account.
- Ask your Planters Bank representative about all of its overdraft services. Community banks generally offer three types of overdraft services: Overdraft Lines of Credit, Transfers or Sweeps from a Savings Account or another Checking Account, and Overdraft Coverage.
- Overdraft Lines of Credit charge interest but provide a safety net. They may also have an annual fee. If needed, disbursements can be repaid over a period of time. (This service requires you to complete an application, and approval is based on your credit worthiness.)
- Transfer or Sweep arrangements allow customers to cover overdrafts using their own funds for a small transaction fee.
- A bank may occasionally choose to pay an Overdraft for a fee to avoid consumers having the inconvenience of returned transactions – embarrassment, fees and hassles from merchants.
- Talk to your Planters Bank representative about the best choice(s) for you.
- Keep an eye on your account balance prior to writing a check or using your debit card. Prevention is your best medicine.
Calculator: Simple loan calculator
Calculator: How much can I borrow?
1 Consult a tax advisor regarding deductibility of interest payments and charges.
2 Home Equity Loans and Home Equity Lines of Credit are subject to credit and collateral approval, and may be subject to closing costs (you may request estimated closing costs from bank representative). Property insurance is required; flood insurance is also required if the property is in a flood hazard area. The interest rate on a Home Equity Loan will remain constant over the term of the loan. The interest rate on a Home Equity Line of Credit may be subject to adjustment(s) depending on market conditions over the term of the loan. On a Home Equity Line of Credit, interest-only payments or failure to pay down principal during the loan term may result in a payoff of the entire unpaid principal balance at the loan’s maturity date (also called a “balloon payment”).
3 Your Planters Bank Checking Account must be open for at least 180 days to be eligible.
4 Subject to credit approval and having an existing checking account open 96+ days.
