Frequently Asked Questions

Personal Loans

  1. When will I receive my title/payoff letter?

    You will receive your title/payoff letter within 6-10 business days. 

  2. What are your interest rates?

    Rates are based on factors including qualifying credit and the loan product. We do offer a 1% discount on our loans with automatic payment from a Gate City checking account.

  3. How are my interest rate and loan term established?

    Upon approval, your Loan Officer will determine your interest rate and term based on your loan amount, collateral, and credit.

  4. Can I complete a Personal Loan application over the phone or online?

    Yes. You can apply at any of our convenient locations, online, over the phone or we can mail an application to you.

  5. Do I need a co-signer to get a loan?

    It depends on your credit situation. Your Loan Officer will determine available options for you once an application has been submitted.

  6. What can I use as collateral on a Personal Loan?

    Common types of collateral used include houses, cars, boats, RVs, motorcycles and Certificates of Deposit.

  7. How long does it take to get my loan application approved?

    Your application will be approved either the same day of the application or the next day.

  8. Are there any pre-payment penalties?

    No. There are no pre-payment penalties on any of our Personal Loans or Lines of Credit. You can pay as much as you like above your scheduled payment at any time.

  9. What does Loan-to-Value mean?

    Loan-to-Value is the amount owed on an asset compared to the value of the asset. For example, if the loan amount is $80,000 and the house value is $100,000, the Loan-to-Value is: $80,000 / $100,000 = 80%.

  10. How do I determine how much equity (net value) I have in my home?

    Subtract the current first mortgage balance from the present market value to estimate the equity you have in your home.

  11. Is the interest paid on a Home Equity Loan tax deductible?

    It may be. Ask your tax consultant about possible tax advantages.

  12. Which would be more beneficial for me, a Home Equity Loan or a Home Equity Line of Credit?

    It depends on your particular needs. Your Loan Officer can explain the features and benefits of both programs to help you decide.

  13. How long can I repay on a Home Equity Loan?

    Gate City offers terms from 5 years to 30 years, depending on the loan type and loan amount.