Consumer Loans

Savings and CD Secured Loans

The loan is secured by a customers' deposit account with Southcoast Community Bank. The rate charged will be 2% above the rate being paid on the deposit account used as security. A 'Hold' in the amount of the loan will be placed into the system to flag the deposit account.

• Term is no longer than CD maturity (No maximum if secured by saving account)
• Interest Rate is 2% above rate paid on deposit account
• Loan to Value is maximum of 90 % of deposit account

Automobile Loans

Auto loans for new vehicles will require the dealer invoice. If the vehicle is used, an inspection of the collateral prior to financing will be required. Total debt-to-income ratio should be 40% or less. Title recording fees should be collected at closing and filed by the bank, not the customer.

Other Secured Consumer Loans

Boats, Marine Equipment, Recreational Vehicles

Unsecured Consumer Loan

Also known as a signature loan, usually limited to 25% of a consumer's tangible net worth and paid back on monthly installments of principal and interest in 36 months or less. Can be set up on a single pay basis if repayment is anticipated from a future event, such as tax refund or insurance settlement. Minimum internet charge $100

• Maximum Term is 36 months
• Maximum Loan Amount is 10% of net worth (Debt to Gross Income Ration‹41%)
• Minimum Loan Amount is $1,500

Overdraft Protection

Overdraft protection loans are unsecured lines of credit linked to a checking account. When a check is written that exceeds the balance on an account, a transfer from the line of credit, in increments of $100 to cover the check will occur up to the established credit limit. A statement on your line will be automatically generated and also will be attached to the monthly checking account statement.

• Maximum Loan Amount of $5,000
• Minimum Loan Amount of $500
• Repayment is monthly - 2% of current balance with a minimum payment of $10
• Minimum Transfer is $100