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Frequently Asked Questions

Filter by Service: Consumer Loans (Personal)

How do I setup automatic loan payments for my auto loan?

Two convenient options are available: online banking or an automatic clearing house (ACH) payment. Online Banking Online banking offers benefits such as the ability to check your loan balance, make extra loan payments, view your scheduled...

How do I calculate my debt-to-income ratio?

Your debt-to-income ratio is the percentage of your monthly gross income that goes toward paying your debt. Total debt / income = debt-to-income ratio.

What do I need to do to get prequalified for a personal loan?

Visit your local branch to complete an application, or connect with a loan expert online. Your banker will guide you from there.

What is my LTV?

Loan-to-value (LTV) is calculated simply by taking the loan amount and dividing it by the value of the asset or collateral being borrowed against. In the case of a mortgage, this would be the mortgage amount divided by the property's...

What are the terms on a personal loan?

The terms are based on whether the loan is secured or unsecured, the age and type of collateral, and your relationship and history with First Interstate Bank.

What interest rate will I get on a personal loan?

The interest rate is based on your relationship and history with First Interstate Bank, your credit score, and other factors related to the request. A personal banker will be able to thoroughly explain your rate.

What is the difference between a loan and a line of credit?

When a borrower takes a loan, they receive a one-time lump sum disbursement, which is paid back in equal installments over the term of the loan (close-ended credit). When a borrower has a line of credit, they can access funds on an ongoing...

How can I check my credit score?

Your banker will check your credit score when you apply for a loan. If you would like to research your credit, will provide a free credit file disclosure once every 12 months from Equifax, Experian, and TransUnion,...

How do I apply for a personal loan?

First Interstate Bank provides two ways for customers to apply for a loan: in-person or online. Please note that you must apply for Home Improvement and Home Equity loans in-person. In-person Application: If you would like to meet with a...