Consumer Loans
Explore Our Loans
Mercantile offers a wide variety of loan products to help you finance your dream. Of course, so does every other bank. At Mercantile, we do things a little differently, we focus on you.
Auto, RV, & Electric Loans
Mercantile Bank offers fast, flexible financing for electric, hybrid, fuel-efficient cars—and recreational vehicles like RVs, boats, motorcycles, snowmobiles, and more.
Personal Loans
For everything from vacations to engagement rings and much, much more. May be secured (you borrow against collateral) or unsecured (no collateral).
Credit Builder
Build or re-establish credit with Mercantile Bank’s Credit Builder Loan—featuring affordable payments, savings growth, and tools to track spending, forecast expenses, and boost confidence.
Credit Cards
Mercantile Bank credit cards offer low rates, no annual fees, and rewards on everyday purchases—plus tools to build credit and benefits like travel protection.
Overdraft Protection
Protect yourself from unexpected cash-flow shortages and help prevent overdraft fees by attaching a line of credit.
Overdraft protection is a line of credit attached to your checking account that automatically transfers funds into your account when the balance falls below zero. It is best for individuals who want protection against unexpected cash-flow shortages and overdraft fees.
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- Available to qualified applicants.
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- No per-transfer charge.
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- Protection ranges from $500 to $10,000.
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- Minimum monthly payment of $20 or 2% of the outstanding balance, whichever is greater. A billing statement is sent monthly.
Student Loans
Wherever you are in your higher education, get the money you need for school with Sallie Mae® higher education loans.
Student loans from Mercantile Bank in partnership with Sallie Mae® could help! Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents.
Consumer Loans FAQs
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Mortgage Loans
Whether you are buying a new home or refinancing, Mercantile Bank offers a wide variety of mortgage loan products to fit your specific needs.
Learn More-
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We've carefully assembled a staff of experienced and talented mortgage professionals who make it their mission to understand your unique situation and provide you with the service you desire.
Overdraft Protection
Protect yourself from unexpected cash-flow shortages and help prevent overdraft fees by attaching a line of credit.
Apply Now-
+ Expand Details
Overdraft protection is a line of credit attached to your checking account that automatically transfers funds into your account when the balance falls below zero. It is best for individuals who want protection against unexpected cash-flow shortages and overdraft fees.
Available to qualified applicants.
No per-transfer charge.
Protection ranges from $500 to $10,000.
Minimum monthly payment of $20 or 2% of the outstanding balance, whichever is greater. A billing statement is sent monthly.
Student Loans
Wherever you are in your higher education, get the money you need for school with Sallie Mae® higher education loans.
Explore Your Loan Options-
+ Expand Details
Student loans from Mercantile Bank in partnership with Sallie Mae® could help! Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents.
Have questions? Merc is here to help.
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