Consumer Loans

Consumer Loans FAQs

• Can I payoff my loan early without penalty?

  Yes, you may pay off your loan prior to maturity without penalty.

• How does my credit score affect my interest rate?

  The higher your credit score the better your interest rate will be.

• What will my interest rate be?

  Your interest rate will depend on a number of factors including but not limited to: type of loan, credit score, type of collateral, and age of collateral. Please ask your lender for additional information.

• Do I have to have deposit accounts with Mercantile Bank to be approved for a loan?

  No, we do not require you to have a deposit account with Mercantile Bank in order for you to be approved for a loan; however, we would love for you to consider having your deposit account(s) with us. We have several different accounts to choose from and as an added bonus if you have automatic debit of your loan payment from your Mercantile Bank account we will give you a 0.25% discount on your loan rate (applies to installment loans only).

• How long does the loan process take? When will I get my money?

  How long the process takes depends on the type of loan you have applied for and how quickly we can obtain the necessary supporting documentation. A Consumer Loan can typically be approved and closed in the same day; however, a Home Equity Line of Credit (HELOC) will take 14 business days or longer depending on the complexity of the transaction. On a Consumer Loan you will receive the funds the same day as closing. On a HELOC it may take an additional three business days to receive the funds if the loan is subject to rescission. Please ask your lender for additional information.

• What types of fees do you charge?

  Fees will vary depending on the loan type. Please ask your lender for additional information.

• What will you accept as collateral on a loan?

  We can secure Consumer Loans with automobiles, motorcycles, travel trailers, ATVs, boats, snowmobiles, and some other additional consumer goods. Home Equity Lines of Credit can be secured by primary or secondary residences that are stick built or modular homes.

• What documentation do you need from me in order to approve my loan?

  The documentation needed will depend on the type of loan you are applying for. For a Consumer Loan we may need income documentation such as a current paystub or if you are self-employed your last two tax returns; collateral information, such as a vehicle title or dealer invoice; and insurance information. For a HELOC we will need income information, legal description of the property, homeowner's insurance, and a recent tax or assessor's statement. Please ask your lender for additional information.

• Can my payment be automatically pulled from my deposit account?

  Yes, we can set up automatic payments to be pulled directly from your deposit account. As an added bonus if your payment is pulled from your Mercantile Bank deposit account, we will give you a 0.25% discount on your loan rate (applies to installment loans only).

• What is Mercantile's Lienholder Identifier Number for Electronic Lien and Title (ELT) placement with the State of Michigan?

  Mercantile’s Lienholder Identifier Number with the State of Michigan is LH117727. Please provide this number to the dealership at the time you are purchasing your vehicle.