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Consumer Loans

We've compiled a list of the most common questions to help provide support. Simply click on the individual issue listed below to see a solution. If there is a problem you are experiencing that isn't in this list, please call us toll-free at 1-888-752-3332 or use our contact form.

 

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What interest rate will I get on my 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 are the terms on my 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 is my LTV?

LTV stands for Loan-to-Value, which is basically the loan amount on a piece of collateral divided by the value of the collateral. For example, if your home is valued at $150,000 and your mortgage was $130,000, your LTV would be $130,000/$150,000, or 87%. That ratio helps a bank determine if they can make a loan, the loan's risk level, and other factors.


What is 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 loan?

The first step is to come into or call your local branch so you can visit with a banker and fill in an application. Your banker will guide you from there.


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

  • When a borrower takes a loan, he or she receives 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, he or she can access funds on an ongoing basis. Repayment is based on the balance outstanding (revolving credit).

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, www.annualcreditreport.com will provide a free credit file disclosure once every 12 months from Equifax, Experian, and TransUnion, although you must pay for the score.


How do I apply for a 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 Applications: If you would like to sit down with a skilled lender, please visit one of our local branches throughout Montana, Wyoming, and South Dakota.
  • Online Applications: If you prefer to apply from the comfort of your home or office, simply click the Apply Now button that appears within the loan page to complete our easy online application.
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