Arvest Bank Personal Loan Review

Arvest Bank is the oldest and largest bank In Arkansas, and was founded back in 1871. It’s since expanded its operations into neighboring Kansas, Oklahoma, and Missouri, and it offers personal loans to its customers. Unfortunately, the bank isn’t able to offer loans outside of these states.

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    Why Get a Personal Loan From Arvest Bank?

    As a large, traditional lender, Arvest Bank has a number of different personal loan products to choose from. Customers may be attracted to the fact that each application will be considered on an individual basis, meaning you get personalized rates and terms. The bank allows you to offer up collateral and apply for secured loans in order to secure personal rates.

    Like many similar lenders, the bank doesn’t disclose any rates or terms before you apply. This might put a lot of people off and have them searching elsewhere.

    What Does Arvest Bank Offer?

    You’ll find both secured and unsecured standard personal loans, lines of credit, and loans to be used specifically for home improvements. While rates and terms will differ for each type of loan, you’ll need to get in touch with the bank directly to find out what these are.

    Eligibility Criteria? 

    Arvest only offers loans to those living in Arkansas, Kansas, Oklahoma, and Missouri. Your credit score and personal financial circumstances will also be taken into account when determining your eligibility, but minimum criteria aren’t disclosed. You should bear in mind, though, that banks tend to have stricter requirements when compared to alternative lenders.

    Pros & Cons

    Pros

    • Multiple types of personal loans are available
    • You’ll be assigned a loan officer to give you a personalized offer
    • Arvest is an established and trusted lender

    Cons

    • Applications are only open to those living in four states
    • No rates and terms information is provided before you apply
    • A potentially lengthy application process

    How to Apply for an Arvest Bank Personal Loan?

    The quickest way to apply is via the online application form, which is an easy-to-follow four-step process. It’ll take about 10 minutes to complete, and a loan officer will be in touch after you’ve submitted the form. The bank doesn’t say how long it might take to approve your application, or what documentation it requires, but we’d recommend you set aside at least a few weeks before you receive your funding.

    Rates, Terms, and Fees 

    Like many banks and traditional lenders, Arvest won’t disclose its rates and terms before you apply. This is because each application is assessed individually, and there are no standard terms. You’ll need to contact the bank and provide some basic information before you’ll get an idea of what you’ll pay. 

    Our Rating - Is Arvest Bank Legit?

    Many customers are turning away from traditional lenders these days simply because it's difficult to get transparent information on personal loans before they apply. For this reason, a lot of people might be put off from applying with Arvest.

    Lenders like Upgrade offer rate and term information upfront. It has rates that start at 6.98%, generous terms up to 60 months, and has a fast and convenient application process.

    Loan marketplaces are also a great alternative to traditional banks. LoansUnder36 is such a lender and has been providing a no-fee service since 2012. It can also connect you to lenders with rates as low as 5.99%, six-year repayment terms, and fast access to funding.