Woodforest National Bank Financial Terms In a Glimpse
Loan Amounts | $1,000 -$10,000 |
Term Length | Not disclosed |
Loan Rates | 7.99% to 11.99% APR FIXED |
Min Credit Score | Not disclosed |
Better Business Bureau Rating | A+ |
Time to Funding | Not disclosed |
Woodforest National Bank Highlights
Woodforest National Bank ranked first in terms of market share among the insured banking institutions in the county of Montgomery consecutively for the last 9 years. Other features below will help you make a decision whether it is the right lender for you.
Pre-qualify with Soft Credit Pull
A soft credit inquiry allows you to check eligibility for the loan without officially pulling your credit and lowering your score. Woodforest National Bank does not provide this service in their online platform.
High Debt to Income Ratio Allowed
No information is available if Woodforest National Bank allows a high debt-to-income ratio for borrowers. Lenders use Debt-to-Income ratio to assess your ability to carry additional debt. Ideally, it should be less than 36%, and if it is more than 43%, there’s a small room for a payment-for-loan budget.
Line of Credit
Woodforest National Bank offers a Secured Revolving Line of Credit or ReLi, and an Unsecured Line of Credit, which may be linked to three Woodforest deposit accounts.
ReLi is a loan product that helps consumers build credit history, it is secured by a Certificate of Deposit as collateral. Loan payments and repayments are made through automatic debit from the linked deposit account. There are certain restrictions to Woodforest’s Line of Credit, and may differ from one consumer to another.
Credit Health Tools
The bank offers assistance to its consumers’ account management through overdraft protection, to make sure that loans are paid on time, and to avoid overdraft fees. This is a good practice to avoid undue imbalance on credit sore.
Hardship Programs
In relation to Coronavirus Aid, Relief, and Economic Security Act or CARES Act, Woodforest National Bank offers a Small Business Paycheck Protection Program where Small Businesses can apply for a loan, and loan forgiveness, to fund for their employees’ paycheck and other business obligations. No information was provided for Skipping Payments for personal loans.
No Prepayment Penalty
There is no prepayment penalty, so you're saving the interest you would otherwise be paying on the loan.
Unsecured Loans
Unsecured Loans are offered in Woodforest National Bank with rates that are subject to the applicant’s credit history; borrowers enjoy a fixed APR rate once approved.
