Commerce Bancshares Personal Loan Full Review

Are you in need of some extra cash? Commerce Bancshares may have just the solution you’ve been looking for.

Meet the company’s personal loans team and borrow up to $50,000 to solve all of your financial problems. From debt consolidation through a wedding plan or even a long-dreamed vacation.

Below, you can check out Commerce Bancshares’ advantages, loan amount, fees, interest, advantages, exclusive benefits, and potential drawbacks.

Who is Commerce Bancshares?

Founded in 1865, Commerce Bancshares was born in Kansas City, where it began a long history of providing financial services to individuals and businesses in the Midwest and beyond.

Growing to become one of the largest U.S. banks, Commerce Bancshares has over $32 billion in assets and serves more than 1.5 million customers through its 350 branches across four states.

As of today, the bank offers a range of services and products, including checking and savings accounts, credit cards, mortgages, home equity loans, investment services, and personal loans.

How Commerce Bancshares Personal Loans Work?

Commerce Bancshares offers a personal loan that can be used for a variety of purposes, such as consolidating debt, financing home improvements, or covering unexpected expenses.

Unlike some other lenders, Commerce Bancshares offers both secured and unsecured personal loans, meaning you don’t have to put up collateral in order to be approved.

With Commerce Bancshares, you can borrow a minimum of $7,000 and a maximum of $50,000, depending on your creditworthiness.

When it comes to the repayment plan, the bank offers terms ranging from 12 to 60 months, with interest rates ranging from 6.99% to 19.99% APR.

It is important to say that Commerce Bancshares offers a fixed-rate personal loan. This means the interest rate on this loan is fixed, so you know exactly how much you’ll be paying each month.

Major Advantages

Commerce Bancshares offers many advantages to its personal loan borrowers. One of the main benefits is the lack of a prepayment fee.

This means that you will not have to pay any penalty if you decide to pay off your loan before its terms end, which can save you thousands on interest.

But even with low fees, Commerce Bancshares also offers some exclusive discounts for its clients, starting with a rate discount of 0.25% just for having your payment automatically deducted from your account.

Plus, customers who borrow more than $7,000 to pay off debt from another lender can get an additional discount of 0.25% on their interest rate.

Other benefits include:

• Online accounting;
• No collateral is required;
• No prepayment penalty;
• No hidden fees.

Moreover, the bank offers a loyalty program called “Smart Rewards,” which allows you to earn reward points for using your Commerce Bancshares debit and credit cards.

Once you’re on the program, you can redeem your points for merchandise, travel, and other rewards.

Major Drawbacks

As with many other products, a Commerce Bancshares personal loan has its own potential drawbacks.

These start with the bank’s minimum amount of $7,000 for a personal loan. That means clients looking for less funding will have to search for other options.

Another drawback to keep in mind is that Commerce Bancshares can charge you an origination fee of up to 5% of the loan amount, which will be deducted from the loan proceeds.

It is also worth noticing that the bank has higher interest rates for customers with a not-so-great credit history.

Those clients may end up paying a higher interest rate, which could significantly increase the overall cost of the loan.

Finally, it’s important to note that late payments or missed payments can negatively impact your credit score and result in additional fees and charges.

How to apply?

Commerce Bancshares provides an easy and online application process for its borrowers that can be completed within a few minutes.

Tap the green button below and check out the full guide with all the requirements and steps you must know before applying for a Commerce Bancshares personal loan.

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