Consumer Loans

Consumer Loans FAQs

• How long does the loan process take?

  The length of the process 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.

• What types of fees do you charge?

  Consumer loans do not have processing or application fees for our consumer loans, and there’s no penalty for early payoff.*

  *Exceptions apply to third-party loans from Sallie Mae/Student Loans.

• How does my credit score affect my interest rate?

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

  Plus, Mercantile Bank offers a Credit Score tool within online banking that allows you to monitor and improve your credit score. There is no cost to you once enrolled in online banking.

  About Credit Score Tool

• 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 or Secretary of State at the time you are purchasing your vehicle.

• 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?

  A deposit account with Mercantile Bank is not required to obtain a loan, however there is added value to considering us for your full banking relationship! Ask your lender about rate discounts with automatic debit from a Mercantile Bank account. In addition, MercPerks Plus account holders receive an additional rate discount of .25%!*

  *All rate discounts apply to installment loans only. Automatic debit discounts from a Mercantile Bank account included in stated rates. Does not apply to credit cards or overdraft protection loans.

• 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.

• 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.

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

  Absolutely! When you choose automatic debit from a Mercantile Bank account at application, you are eligible for a rate discount!*

  *All rate discounts apply to installment loans only. Automatic debit discounts from a Mercantile Bank account included in stated rates. Does not apply to credit cards or overdraft protection loans.