Great Southern Bank’s Personal Loan Full Review
Discover one of the country's biggest credit unions and enjoy borrowing up to $10,000 worry-free, with no hidden fees or additional expenses to worry about!
If you find yourself in need of money to pay off debts, cover medical expenses, make home repairs, or handle unexpected expenses, a personal loan can provide the financial assistance you need. Fortunately, Great Southern Bank offers personal loan and credit line options specifically designed for smaller amounts, with loan limits of up to $10,000. Read on to learn more about the rates, benefits, and amounts offered by Great Southern Bank.
About Great Southern Bank
Great Southern Bank, founded in 1923 and headquartered in Springfield, Missouri, is a trusted financial institution operating in multiple states including Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska. With over 100 years of experience, the bank has established a reputation for providing reliable and trustworthy financial services to its clients. In addition to personal loans, Great Southern Bank offers a wide range of financial services such as home loans, credit cards, savings accounts, and insurance products.
How a Great Southern Bank Personal Loan Works
Great Southern Bank offers two main personal funding options: the unsecured loan and the preferred line of credit (LOC). Both options are designed to cover day-to-day or small to medium-sized expenses, including home and car repairs, medical bills, unforeseen payments, or budget relief.
Unsecured Loan
The unsecured loan is ideal for customers who need more time to repay their debt. With this option, clients can borrow between $2,000 and $4,000 and have up to 36 months to repay the loan. The average interest rate for this loan is 14.00% APR, and clients can receive a rate discount for automatic payments.
Preferred Line of Credit
The preferred line of credit (LOC) is an unsecured credit line that can be used to cover any expenses. It is recommended for customers who can pay off their debt in shorter terms, as it typically has higher rates, averaging 14.74% APR. The LOC offered by Great Southern Bank ranges from $4,000 to $10,000 and can be accessed easily through online banking, checks, or by visiting a banking center.
Main Benefits of a Great Southern Bank Personal Loan
A Great Southern Bank personal loan offers several benefits. One of these is the option to have a co-borrower, which allows customers to apply for a loan while sharing the payment responsibility with a trusted person. The bank also offers same-day decisions and funding of the loan amount through an online application, making it convenient for those in need of quick funds. Additionally, borrowers will avoid unnecessary fees and charges, as Great Southern Bank does not charge any origination fees, monthly fees, or penalties for early repayment. Lastly, clients can receive rate discounts for automatic payments, potentially saving them money on interest over the course of the loan. Moreover, the bank provides debt cancellation coverage for qualified borrowers who may face difficulties in making loan payments due to accidents, loss of health, or income.
Main Drawbacks of a Great Southern Bank Personal Loan
While the Great Southern Bank Personal Loan offers numerous benefits, it does have some drawbacks to consider. One major drawback is the late payment fees that will be charged if the borrower fails to make monthly payments on time. Additionally, borrowers with a less favorable credit history may find it challenging to meet the bank’s eligibility criteria, as Great Southern Bank typically requires a higher credit score. Moreover, depending on the borrower’s creditworthiness and other factors, the interest rate offered by Great Southern Bank may be higher than that of other lenders in the market.
How to Apply for a Great Southern Bank Personal Loan
Applying for a Great Southern Bank personal loan is a simple and straightforward process. By clicking the green button below, you can access all the requirements and steps you need to follow to apply for a personal loan with Great Southern Bank.
