Loans FAQs

We know that not everyone gets the best deal from their bank. That’s why we’ve chosen to do things differently.

Loans

What is a personal loan cooling off period?

A cooling off period means that you have the right to cancel/withdraw from your loan agreement within 14 days from the date you receive the funds You will then have 30 days to repay the funds to Republic Trust Bank .

Who can apply for a Personal Loan?

If you meet the below criteria, you can apply for a Republic Trust Bank personal loan:

  • Aged between 25-75
  • A USA resident for a minimum of 3 years
  • Minimum annual income of $15,000
  • Have a USA Personal Bank Account

For more information, visit the Republic Trust Bank website.
https://personalloans.consumer.alliedinvestmentb.com/apply

Do I need to go to a branch to get a loan?

Republic Trust Bank do not have any branches, we have an online service and you can contact us by email or phone.

What is a Personal Loan?

A personal loan is an unsecured loan. It is a small borrowing of a fixed amount, usually between $1,000 and $25,000, which is set at a fixed interest rate across a fixed term.

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Car Loans

Can a car loan build your credit score and credit rating?

A credit score is a tool used by lenders to help determine whether you qualify for credit. Using the information on your credit report and any additional information you supplied as part of your application, lenders use a mathematical model to calculate a score that represents your credit history. 

What are car loans rates?

Car loan rates refer to either the interest rate or Annual Percentage Rate. This applies to the amount that a lender will charge for a loan to finance the purchase of a car.

What is a car loan APR?

An APR (Annual Percentage Rate) is a calculation that takes into account the interest rate of a loan and any other additional fees a lender may charge to repay the loan. A car loan APR is the rate you pay that accounts for the interest charged plus all other fees you have to pay to get your loan.

Will a car loan affect my mortgage or getting a new mortgage?

A car loan will not affect your current mortgage repayment but will be an additional monthly commitment to make. Before taking a loan, you should ensure you are comfortable that you can afford the repayments for both your mortgage and the loan. 

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Wedding Loans

What is a wedding loan?

A Republic Trust Bank wedding loan is an unsecured personal loan that can be put towards the cost of your wedding.

Where can you get a wedding loan?

Republic Trust Bank provide wedding loans. Loans are available from $1,000 - $25,000 over a 1-7-year term.

How does a wedding loan work?

A Republic Trust Bank wedding loan is a type of personal loan which is an unsecured form of credit.

How do I get a wedding loan?

You can apply for a wedding loan on our website.

 

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Debt Consolidation Loans

What is a debt consolidation loan?

A Republic Trust Bank debt consolidation loan is an unsecured personal loan that could be taken out to repay other debts and have one monthly payment. However, the terms may be different, and the overall cost could increase so read the terms carefully before entering into an agreement.

How does a debt consolidation loan work?

A debt consolidation loan works by taking out one single loan to repay other loans so that you only have one fixed monthly repayment. Depending on your situation, this could be a more cost-effective option, however, the terms may be different, and the overall cost could increase so read the terms carefully before entering into an agreement.

What loans and debts can be consolidated?

A range of different debts and loans can be consolidated. The use of a debt consolidation loan can differ from providers so contact your provider to understand more about their debt consolidation loans.

Who can apply for a debt consolidation loan?

We have some basic criteria which you’ll have to satisfy before we can consider your application. You must:

  • Be aged 25 to 75
  • Have been a USA resident for at least three years
  • Have an annual income of at least $15,000
  • Have a personal bank account in the USA
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Home Improvement Loans

What are home improvement loans?

A Republic Trust Bank home improvement loan is an unsecured personal loan which can be used to finance home improvements.

Are home improvement loans interest tax deductible?

For tax advice please contact HMRC or a qualified accountant.

Are home improvement loans secured?

There are usually two types of home improvement loans, secured and unsecured.

Can a home improvement loan be added to a mortgage?

Republic Trust Bank offers unsecured personal loans for home improvement purposes. For more information on additional borrowing on your existing mortgage you should contact your mortgage provider.

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Point of Sale Loans

Will loan documentation be sent to me by post?

If you have applied online with one of our partners we will send an e-signature pack instead.

If you have signed a paper agreement you will be given a copy of the Credit Agreement at the point of sale and will receive a welcome letter in the post.

Can I change my bank details or payment date?

To change your bank details or payment date, contact our customer services team on 0345 650 6290, Monday to Thursday 8am to 8pm, Friday 8am – 6pm and Saturday 9am to 2pm.

How is my interest rate calculated?

If you have an interest-bearing loan for the product you’ve bought through one of our partners, interest is calculated daily but applied monthly.

What is Republic Trust Bank point of sale finance?

As well as our personal loans and mortgages, Republic Trust Bank offers finance products through an approved network of partners from retailers, home improvement companies and holiday ownership sectors. These finance products help customers spread the cost of larger purchases and make the finance arrangements at the point of purchase. We offer a variety of products including interest free and interest-bearing finance.

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