Fast and Flexible Consumer Loans
Do you need extra cash for a big expense? Whether you want to cover the cost of moving, a family vacation, new laptop, medical bill, or anything else life throws your way, Dieterich Bank can help. Our numerous locations make it easy to find a personal loan near you, so you can take advantage of fast, local service and friendly loan officers who know your name. Apply for a personal loan today to enjoy a fixed rate, predetermined loan term and regular monthly payment.
Since 1909, Dieterich Bank has been committed to supporting the communities we serve. With thirteen branch locations in Central and Western Illinois, we offer genuine customer service with all of the modern technology you’ve come to expect from your bank. To start your personal loan application with Dieterich Bank, contact us by phone or email or visit your nearest branch!
How do Personal Loans Work?
A personal loan is a type of consumer loan where you borrow a lump sum upfront and then repay it, with interest, in regular monthly installments for a pre-determined period of time. This is typically at a lower interest rate than a credit card.
Many personal loans are classified as unsecured loans, meaning you don't need collateral like you would for something like an auto loan. All you need is your signature! However, if you use collateral – making it a secured loan – you’ll have better rate and longer term options available.
Personal Loan Benefits
- Competitive interest rates
- Predictable monthly payment makes it easy to budget
- No restrictions on what you use the money for (provided it’s legal!)
- Choose the loan amount and repayment term that works for you
- Swift and local decision-making
A personal loan has numerous advantages over a credit card. While a credit card does offer spending flexibility, they often come with much higher rates, and if you have more than one card, you're making multiple payments every month. Plus, if you only pay the minimum monthly payments, you may find it more difficult to pay down your debt, as it grows faster than you pay it off.
With a personal loan's fixed term and lower interest rate, you can make the large purchases you need while staying in control of your debt. You'll know exactly how much you need to pay each month in order to erase your debt, making it the ideal choice for large, one-time purchases and ensuring you stay in budget.
When you choose to bank with Dieterich Bank, you're not just benefitting from a great product; you're also benefitting from great, local financial service. Our experienced, friendly employees will guide you through the loan process and ensure you're getting the loan best suited to your budget.
What can I use a Personal Loan for?
Whether you need a large or small personal loan, there are minimal restrictions on what you use your personal loan. With such a versatile bank loan, the possibilities are endless! However, if you need some ideas, here are some of the most popular ways people use their personal loan:
- Big Purchases: Dreaming about a high-end, luxury refrigerator? Shopping for kids who want all the latest tech? When it comes to anything expensive you need to buy but don’t have cash on hand for, a personal loan is often the preferred choice to avoid eating into your savings.
- Major Expenses: Need to pay coinsurance on a surgery or cover an unexpected hospital bill? Or perhaps you need to put down three months’ rent on a new apartment, or are planning a large vacation with the whole family. A personal loan can help ensure you have the funds you need to cover your major expenses -- whether expected or unexpected.
- Debt Consolidation: Is your high-interest credit card debt torpedoing your budget? Consider consolidating one or more credit card balances into a lower fixed interest rate. Once you choose your term, you’ll know the date your debt will be paid off, and you'll be able to more easily work towards being debt free.
- Low rates and consistent monthly payments make this a great loan to pay off debt with. If you see someone offering a "debt consolidation loan," that's usually a personal loan!
How to apply for this loan
Looking for the best personal loans in Central and Western Illinois? Still have questions or need help finding the best loan option for your needs? Get in touch with us or visit your local Dieterich Bank branch to get started. Our staff is ready and eager to help.