Personal Borrowing

Consumer Loans

We offer competitive rates on auto, boat and recreational vehicles. (For Home Equity Line of Credit loans, contact Stephanie at 405.755.1000)

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Vehicle, Watercraft and RV Loans

Quail Creek Bank will assist you in obtaining a personal loan quickly and easily. Filling out a loan application is the first step toward receiving approval for the personal* loan you need. We offer competitive rates on auto, boat and recreational vehicles. Our loan officers are ready to review your completed application and make a quick and knowledgeable decision within 24 hours. Use our loan calculator below to review your options. It's that easy!

*All Loans Subject to Credit Approval - $2,500.00 Minimum Loan Amount See our current rates

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Home Equity Line of Credit

Home equity is the difference between what you currently owe on your home and its appraised value in the current market. For example, if your home appraised for $150,000 and you owe $65,000, you would have $85,000 in home equity. A portion of your equity may be available for you to borrow with a home equity line of credit (we call that portion, Lendable Equity).

How does a home equity line of credit work?

Quail Creek Bank’s 1% HELOC Product is secured by your personal residence and gives you a 7-year draw period that allows you to use as much as you need, up to your approved credit limit. As you repay the principal balance, your available credit is replenished, and you can borrow against it again, as needed.

How much can I borrow?

We will loan up to 80% of the Appraised Value (less the first mortgage loan balance) based on the 1% HELOC Product.

Appraised Value $150,000 x 80% = $120,000.00 Less 1st Mortgage Balance $ 65,000.00 Available Lendable Equity $ 55,000.00

Why is it called a 1% HELOC?

Quail Creek Bank’s 1% HELOC Product has monthly payments of 1% of the outstanding principal balance of your loan*. For example: If your Home Equity Line of Credit balance is $55,000, your monthly payment would be $550. (Additional principal payments can be made at any time)

What is the interest rate?

The Periodic Rate and Corresponding Annual Percentage is determined as follows:

We use an independent index known as the Wall Street Prime Rate as published in the Wall Street Journal. Adjustments to the Periodic Rate and the corresponding Annual Percentage Rate resulting from changes in the Index will adjust annually. The floor rate is 5.00% on the 1% HELOC Product.

Do I have to pay closing costs?

This is a “no closing cost” loan product up to $100,000. Loans exceeding $100,000 require Lender’s Title Insurance (which could range from $500 - $3,000). Additionally, loans $250,000 and greater require a Full FIRREA Appraisal (which could range from $300 - $1,500). These third-party fees are paid by the Applicant / Borrower.

How long does it take to get a home equity line of credit?

The turn-around time from application to closing is typically two weeks, one of the quickest times among our bank peers.

How do I access the money from my line of credit?

Our Home Equity Lines of Credit are conveniently tied to a special checking account, called the E-LINQ Account. This checking account is equipped with checks and a debit card to enable easy access tov your available funds. You may also call us to advance the amount into your E-LINQ account.

Is my interest tax deductible?

The interest you pay on a home equity line of credit, secured by your personal residence may be tax deductible. You should consult with a tax advisor regarding the deductibility of interest.

Quail Creek Bank is not qualified to offer tax advice; however, we can provide you with the following IRS News Release regarding their recently published examples.

https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law