Academy Bank Review

Academy Bank Financial Terms in A Glimpse

Academy Bank Highlights

If you are looking for financial help individually or for setting up your business, Academy Bank specializes in those areas of services.

To help you decide whether they are the best choice for you, the following highlights of the bank provide what you need to know.

Pre-qualify with Soft Credit Pull

A soft credit pull for pre-approval of loans is usually done to check your financial information.

To pre-qualify, you can apply online on their website or visit any of their branches near you. You will need to provide the following:

• driver's license number
• Social Security number

High Debt to Income Ratio Allowed

The bank currently does not allow a high debt to income ratio as it has no mention of it on their website.

Naturally, however, borrowing mandates that your income matches the kind of debt you can afford.

Line of Credit

Academy bank offers a revolving line of credit available for business or home equity loans.

A revolving line of credit lets you borrow funds and pay them and borrow money once again.

Credit Health Tools

Academy Bank’s website has made no mention of health tools. However, loans you request in the bank, such as personal or express loans, can be used for your health or medicine.

Hardship Programs

Academy Bank’s SBA Paycheck Protection Program allows you to apply for payment deferment until ten months after your 8-week or 24-week Covered Period ends.

The terms are as follows:

• Within the deferral period, applying for forgiveness allows you not to have to start paying unforgiven amounts. This is until the SBA finalizes your request or remits funds.
• Not applying for forgiveness will require you to pay after your deferral period.
• The SBA supplies interest in the approved forgiven amount of the PPP loan until the date payment is issued.

No Prepayment Penalty

There are no prepayment penalties for clients who wish to pay their loans early.

Unsecured Loans

The bank’s website does not mention anything about offering unsecured loans.

Academy Bank Fee

Specific fees and terms on different transactions are provided on the details on the website.

How to Qualify

To qualify for a loan, you must be:

• a legal resident of the United States
• 18 years old or older

The Bottom Line

Academy Bank is a good bank for borrowing money in terms of individual or business needs.

If you think they are the perfect bank for you, you can apply online.

If not, you can visit Avant or NetCredit.