Will I get a coupon book for my loan or a monthly statement?
Installment and Fixed Rate Home Equity Loans receive a coupon book, while Revolving Lines of Credit and Commercial Loans receive monthly statements.

What is a variable/floating interest rate?
A variable/floating rate is a loan rate that changes. It is tied to an index, such as Prime Rate

Who determines Interstate Bank's Prime Rate?
Interstate Bank's Prime Rate is determined by the Board of Directors and can be obtained by contacting our Loan Department.

What is my interest rate and how is the interest calculated?
The interest rate can be found in your Promissory Note or Renewal Letter (if your loan is being extended). The interest is calculated by multiplying the Principal balance of the loan by the interest rate, dividing by 365 for Consumer Loans or 360 for Commercial Loans and multiplying by the number of days in the billing cycle (usually 28-31 days).

What are your loan rates?
All loan rates can be obtained by calling our Loan Department at 708.687-6000 ext. 230.

How do I know when my loan is maturing?
Your maturity date can be found on your Promissory Note or Renewal Letter (if your loan is being extended).

Do I have a grace period on my loan, if so, what is it?
The grace period on Consumer Loans is usually 10 days and 1 day on Commercial Loans.

Do I have to write a separate check to pay extra toward my principal balance?
No. When a payment is received, late charges and other fees are deducted first, then escrow (if any) and interest portions and the balance is applied to principal.

Is there a pre-payment penalty on my Home Equity Loan?
No.

Can my loan payment be deducted directly from my Interstate Bank or any other bank checking account?
Yes, a Funds Transfer Authorization form must be completed and signed before any transactions can be conducted.

Will I get the proceeds from my Home Equity loan the day I sign the papers?
No. The law states that a 3 business day recession period must elapse before funds can be disbursed.

Can I make a payment on my loan without my payment coupon?
Yes, but it is always helpful to have payment coupons. Loan account numbers must be written on checks without payment coupons.

Can I apply for a loan over the phone?
No. All InBank loan applications must be in writing and signed by the borrower.

How old do you have to be to get a loan?
You must be at least 18 years old.