Consumer Resources

You have questions? We have answers.
  • No, your spouse does not have to be obligated on the loan; however, depending on how the collateral is owned, your spouse may need to sign security documents pledging his or her interest in the property.

  • Yes, you may pay off your loan prior to maturity without penalty.

  • If you meet the qualifications (i.e. credit history, income, etc.) for the loan on your own you would not need a co-applicant.

  • The higher your credit score the better your interest rate will be.

  • Your interest rate will depend on a number of factors including but not limited to: type of loan, credit score, type of collateral, and age of collateral. Please ask your lender for additional information.

  • No, we do not require you to have a deposit account with Mercantile Bank in order for you to be approved for a loan; however, we would love for you to consider having your deposit account(s) with us. We have several different accounts to choose from and as an added bonus if you have automatic debit of your loan payment from your Mercantile Bank account we will give you a .25% discount on your loan rate (applies to installment loans only).

  • How long the process takes depends on the type of loan you have applied for and how quickly we can obtain the necessary supporting documentation. A Consumer Loan can typically be approved and closed in the same day; however, a Home Equity Line of Credit (HELOC) will take 14 business days or longer depending on the complexity of the transaction. On a Consumer Loan you will receive the funds the same day as closing. On a HELOC it may take an additional three business days to receive the funds if the loan is subject to rescission. Please ask your lender for additional information.

  • Fees will vary depending on the loan type. Please ask your lender for additional information.

  • We can secure Consumer Loans with automobiles, motorcycles, travel trailers, ATVs, boats, snowmobiles, and some other additional consumer goods. Home Equity Lines of Credit can be secured by primary or secondary residences that are stick built or modular homes.

  • The documentation needed will depend on the type of loan you are applying for. For a Consumer Loan we may need income documentation such as a current paystub or if you are self-employed your last two tax returns; collateral information, such as a vehicle title or dealer invoice; and insurance information. For a HELOC we will need income information, legal description of the property, homeowner’s insurance, and a recent tax or assessor’s statement. Please ask your lender for additional information.

  • Yes, we can set up automatic payments to be pulled directly from your deposit account. As an added bonus if your payment is pulled from your Mercantile Bank deposit account we will give you a .25% discount on your loan rate (applies to installment loans only).

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Find a Mercantile Branch

Find a Mercantile Branch

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Call Mercantile at 800.453.8700

Call Mercantile at 800.453.8700

Call Center Hours Monday - Friday 8:00am - 6:00pm Saturday 9:00am - 1:00pm

24-Hour Telephone Banking: 866.242.6410

TTY/TDD: 866.242.6415

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