Why Choose a Personal Loan from MNLB

No matter what your next big purchase is — a house, a boat, a car — Minnesota Lakes Bank understands you have your own financial needs and goals, and we’re ready to help you meet them. We take pride in our ability to work personally with each customer to find a loan that works best for them and their lifestyle. If you’re shopping for a car or home loan, Minnesota Lakes Bank’s team of trusted loan officers will be more than happy to work with you.

“The transition of moving accounts to Minnesota Lakes Bank was seamless. I really appreciate the personal touch and the attention the staff provided us.” – Chris Ruis, MNLB Customer

 

Chris Ruis, MNLB Customer

Personal Loan Service Offerings

When it comes to personal loans and mortgage rates, Minnesota Lakes Bank offers our customers unbeatable products paired with unmatched customer service. Whether it’s a new car, boat, vacation or bill consolidation, we have the loan that will meet your personalized needs. We offer competitive rates, flexible terms, and best of all: good old fashioned customer service that you won’t find at a big institution.

Minnesota Lakes Bank offers a variety of personal loan products at competitive rates and a variety of options tailored to each customer’s individual needs, which include:

  • Car loans
  • Mortgages
  • Recreational loans (boat, snowmobile, ATV, etc.)
  • Home equity loans or lines of credit
  • Personal unsecured loans
  • Bill consolidations
  • Vacations
  • Other needs

Your application and all other relevant documents will be reviewed by your loan officer. Some of the things we look for when analyzing your information include:

  • Income Evaluation – Minnesota Lakes Bank uses guidelines to evaluate your debt-to-income ratio. Generally, your total monthly debt should not exceed 40% of your gross monthly income.
  • Credit Verification – Minnesota Lakes Bank will review credit reports and direct verifications to determine the type and terms of present and previous credit. Any lapse or delays in payments will be considered.
  • Asset Evaluation – Minnesota Lakes Bank will verify your available funds to determine if you have the funds necessary for the down payment.
  • Other Documentation – In some cases, additional documentation may be required before a final determination regarding approval can be made.
  • Approval – Although Minnesota Lakes Bank conforms to standards set by government agencies, loan approval guidelines vary depending on the loan type. Approval is generally based on two major factors: your ability and willingness to repay the loan and the value of the collateral.

In order to expedite the approval process, please gather the following items for the first meeting with your lender:

  • Your pay stubs for the last 30 days showing your name and current year-to-date earnings
  • A completed hard copy application. Download a blank application form Loan Forms.
  • The title and proof of insurance for any vehicle being used as collateral

Are you looking to buy a home? Here you can use our online tools to learn more about home loans and find the best loan option to suit your needs and goals. You can explore our site without any obligation or disclosure of personal information, or if you want, you can even begin the application process online!

Click here to access our Loan Center. This handy tool will help you through the process of applying for a loan. However, we have professionals who are here to help you through the entire home financing process.  At any point, feel free to e-mail or call us regarding any questions you may have. You can find our contact information at the bottom of each page.

Sherry Valley and Chris Ruis

Work with a trusted partner for your next big step.

We’re here to provide a unique selection of personal, home loans and more to our Minnesota communities. Selecting the best personal loan can be a daunting choice, but know that our team is here to walk you through the process and help you understand the right rates for your needs.

Meet our team of experienced personal bankers.

Josh Gehlen

Senior Vice President, Lending/Chief Credit Officer
NMLS #456474

Josh Gehlen

Austin Wiberg

Assistant Vice President, Business Banking
NMLS #1790833

Jessica Griffel

Senior Loan Processor

Jessica Griffel

Meet our team of Home Mortgage Specialists.

Sherri Dehn

Vice President, Real Estate Division
NMLS #771979

Sherri Dehn

Aaron Schnitzler

Vice President, Real Estate Division
NMLS #1173641

Aaron Schnitzler

Clare Swenson

Loan Processor
NMLS #1783665

Clare Swenson