Q:

What are some loan products of Woodforest National Bank?

A:

Quick Answer

Woodforest National Bank offers personal loan products, including mortgage loans and home equity loans. Woodforest also offers business loans, such as small business loans and unsecured credit lines, according to the financial institution's website.

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Full Answer

With an unsecured line of credit, a business is able to obtain funds to meet short-term cash needs. This line of credit provides an advance when a business' checking account is overdrawn, notes Woodforest. Secured lines of credit are also available to business customers. For small businesses, the Woodforest small business preferred loan provides funds for growing the business or for covering unexpected expenses. This loan offers a monthly payment option.

Woodforest merchant customers are also eligible to receive a Woodforest merchant select loan. This product is a secured term loan useful for a new business venture, for growing an existing business or for financing unplanned expenses, explains Woodforest.

In addition to business loans, Woodforest offers personal loan products. Home improvement loans, unsecured and secured credit lines, and home equity credit lines are available, Woodforest reports. Customers can also obtain a loan for an automobile or recreational vehicle at Woodforest. To receive a loan, an applicant's credit must be approved, and his collateral must be verified and evaluated. Per federal requirements, loan applicants must provide a name, address, date of birth and other identifying information. Applicants must also provide their driver's license and identifying documents at the loan closing.

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