FAQ - Personal Loans Questions

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

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

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

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

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

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

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

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

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

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