My dad recently moved in with us due to his increasing health problems. His home is old and has poor air quality, which is a problem because he only has one lung.
When my dad moved in, he had very little in the way of material items; however, he did own a small car. Approximately one month after moving in with us, my dad's car completely died on him. We live way out in the woods, so transportation is a must. His friend offered to sell him an older, used SUV for only $2000.
My dad headed to his bank to apply for a personal loan. He was rejected because of his lack of credit. The man has no credit cards or debt and they consider that "no credit". My dad came to me and asked if my husband and I would take out a personal loan for him and he would pay us every month. We trusted that he would pay us and we were not that worried because the loan was for a pretty small amount of money.
The next day I went to my bank, Merrimack County Savings Bank, and filled out the application. I had to bring it home to have my husband sign it as well. The very next day, I brought the application back to the bank and met with the loan officer again. She was very helpful, courteous, and knowledgable. She informed me that the interest rate was going to be 13%. I was shocked, but my dad agreed to it. She said that she would let me know that afternoon if we were approved.
The loan officer did call and stated that we were approved and because our credit was excellent, they dropped the interest rate to 12%. We were able to pick the length of time the the loan was for. We selected 15 months because we wanted to make sure that my dad was not strapped each month. The processing fee was $40, which they rolled into the loan. Merrimack County Savings Bank processed this loan so quickly. We had a check within three days of applying for the loan and we were able to conveniently have it deposited into our checking account, at which time we wrote my father's friend a check.
If I ever had to get another personal loan, I would definitely use Merrimack County Savings Bank.