Merrick Bank Personal Loans

Personal Loan from Merrick Bank - see full info about rates, terms, credit score.

Updated November 29, 2022
3.07 out of 5
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Check your personal loan rates

scorer
APR Range
27.99 - 35.99%
scorer
Amount
up to $12,500
scorer
Term
up to 36 months
scorer
Minimum credit score:
Fair (580-669)
scorer
No early payoff penalty

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Options

  • Loan purpose:
    Personal Loan
  • Bank:
  • Credit Level:
    Fair (580-669)
  • When funds are available:
    1 business day.

Fees

  • Origination fee
    5%

Pros & Cons

Pros:
  • Fast application and approval
Cons:
  • Origination fee
  • High APR

Rates

Rates
27.99 - 35.99%
Term
3 - 36 months
Loan Amount
$2,500 - $12,500
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
View all Rates & Fees

Requirements

  • What you need to get approved (Qualifications)
    FICO® score 580 or higher.
  • Ages

    To be eligible, you must be at least 18 years old, have a U.S. federal, state or local government-issued ID, have a social security number or tax identification number, have an income, and have a verifiable bank account in your name.

  • Requirements Description
    • Provide personal information (address, phone number, and social security number)
    • Provide valid identification documentation (driver’s license, state ID card, military ID, or US passport), and a copy of your bank statements
    • Proof of income

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Description

  • Merrick Bank offers personal loans from $2,500 to $12,500. There is also a 5% origination fee.

    Receive your funds as soon as the next business day after approval.

    Read full review

How to apply for Merrick Bank personal loan?

At the time of writing, there is no known way for new clients to apply for a personal loan.

How to setup automatic payments?

If you have an existing online account, automatic payments through ACH can be enabled in the Account Center. Choose ACH autopay as your preferred payment method. This is useful to make sure you don’t miss your loan payments, which can negatively affect your credit score.

Automatic payments can be disabled at any moment via the account center, or by calling customer support at 1-833-842-7900. You can also cancel a scheduled automatic payment on a one-off basis.

How do I change my preferred payment method?

This can be done through the Account Center. Choose either automatic ACH payment or manually mailing a check. Note that you can in fact still pay in any supported way you choose (ACH, paper check, or phone). Make sure to cancel the scheduled ACH auto-payment if that is set as your preferred method. Your choice of preferred method has no effect otherwise.

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Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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