If you are planning to apply for a consumer loan, please call 218-326-9414 to make an appointment with one of our loan officers. You can complete our online loan application to help you get started with your loan request.
In order to expedite the approval process, please gather the following items for the first meeting with your lender:
- Your pay stubs for the last 30 days showing your name and current year-to-date earnings
- A completed application
Your application and all other relevant documents will be reviewed with your loan officer. Some of the things we look for when analyzing your information include:
- Income Evaluation - Grand Rapids State Bank uses guidelines to evaluate your debt-to-income ratio. Generally, your total monthly debt should not exceed 40% of your gross monthly income.
- Credit Verification - Grand Rapids State Bank will review credit reports and direct verifications to determine the type and terms of present and previous credit. Any lapse or delays in payments will be considered.
- Asset Evaluation - Grand Rapids State Bank will verify your available funds to determine if you have the funds necessary for the down payment.
- Other Documentation - In some cases, additional documentation may be required before a final determination regarding approval can be made.
- Approval - Although Grand Rapids State Bank conforms to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. Approval is generally based on two major factors: your ability and willingness to repay the loan and the value of the property.
Grand Rapids State Bank offers a variety of consumer loan products at competitive rates and a variety of options tailored to each customer's individual needs, which include:
- Automobile Loans
- Recreational Loans (boat, snowmobile, ATV, etc.)
- Personal Unsecured Loans
* If you reside outside of Itasca County, please contact Grand Rapids State Bank at 218-326-9414 to talk to a loan officer.