Personal Loans and Lending Solutions
Our personal loans are a convenient method for covering large expenses or making important investments. Are you in the process of becoming a homeowner? Need some extra funds to build your dream kitchen or pay off some medical expenses? A consumer loan from John Marshall Bank might just be the answer you’re looking for. Check out our personal lending options below and picture yourself getting things done with a hassle-free, low interest personal loan from a CD Secured loan to HELOCs with competitive rates.
Consumer Lending Options
John Marshall Bank offers flexible 6/5 ARM options. You’ll start with a low fixed rate for the first six years, after which your rate will change every five years based on the current U.S. Treasury rate at that time, plus a 2.5% margin.
- Available for owner-occupied primary or secondary residence
- The rate is adjusted every five years after the initial six-year fixed term
- Unlike traditional ARM products, our rates are not based on loan amount
- Up to 85% LTV for purchases; 80% LTV for refinances
The equity accrued in your home can be an excellent financing source for a variety of needs. If you have multiple loan requirements spread out over a period of time, then a HELOC is the perfect option for a personal loan.
Our HELOC has a 25-year term. The first 10 years is your draw period where you can borrow and repay and you are only required to pay monthly interest. The second 15 years is your repayment period where you will repay principal and interest and can no longer advance the line. The rate is variable and is tied to the Wall Street Journal Prime rate plus a margin. Advances from the HELOC are as easy as writing a check, with a minimum advance of $100.00.
HELOC’s are available for owner-occupied or second home properties located in the Washington D.C. Metropolitan area. The interest paid on your HELOC may be tax deductible. Please consult with your tax advisor to be sure.
John Marshall Bank’s Overdraft Line of Credit allows you to link your existing personal checking account to a line of credit. This line of credit has no term and will be activated if you write a check for more than your available balance.
Our Overdraft Protection Line of Credit has a fixed rate and carries a maximum credit limit of up to $10,000.00. Payments are variable at 5% of the outstanding principal balance or $25.00, whichever is greater, on the line and are deducted from your John Marshall Bank checking account monthly.
Our CD-secured personal loans are for depositors who have a certificate of deposit (CD) with John Marshall Bank. With a CD secured loan, account owners can borrow against the money invested in the CD without having to physically withdraw the funds and pay an early withdrawal penalty (subject to application and underwriting qualification). The interest rate you pay is set at 2% above the Annual Percentage Yield of the CD, making your effective cost on this loan 2% over what you earn on the same funds in the CD. The term is set to coincide with the maturity of the CD.
Shopping for a new or used car? Let us help you with the financing. We offer terms based on the model year of your vehicle, amortized for a set number of months with fixed monthly payments for the life of the loan. We will finance up to 100% of the purchase price on all new vehicles.
John Marshall Bank helps you identify the right personal loan or line that fits your needs. We offer both secured and unsecured choices, so you can get the rates, terms and payment options to fit your needs.