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Merrick Bank Personal Loans

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Intro: Merrick Bank Loans

Merrick Bank (which has now merged with Ally Bank) specializes in non-prime customers and offers a range of financial products including credit cards, loans and Certificates of Deposit. You can take out a personal loan of from $2,500 up to $12,000 and there is a 5% origination fee. Below are details, requirements and what Merrick Bank looks at.


You need to meet the following criteria to apply for a Merrick Bank personal loan.

  • 18 Years Old - You need to be at least 18 years old to apply for a Merrick Bank personal loan.

  • Federal or State ID - You need an ID (drivers license will do) to verify your identity.

  • Must Have Income - You must have a regular income to qualify and you will be asked for proof of income. You can include alimony, social security income, pension income etc as income.

  • Bank Account - You need a bank account because that is how the loan will be given through you.

Application Process

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The application process is pretty straight forward. These are the steps that you have to go through.

One the first page of the application, you have to fill in the amount that you want to borrow and the purpose of your loan. You are given a few options like auto repair, debt consolidation, emergency expense, wedding expense, home improvement, medical and dental expense, major purchase, moving or relocation, vacation and "other". If you click "other", you will be asked to fill in a box explaining what is the loan for. You then have to fill in your name, email and create a password to create an account with Merrick Bank.

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On the next page, you have to fill in the following your address, date of birth, social security, income, your housing situation/mortgage/rent. Once you submit the information on the second page, you will then either be given an personal loan offer and receive no offer at all.

If you agree to the offer and want to proceed, you will be asked to give you bank account information and other documents to verify your identity. A hard credit inquiry will also be performed to finalize the offer terms.

Once you have e-signed the loan documents, the cash (less 5% origination fee)will be deposited into your account the following business day.

Pros and Cons


  • Fast Application and Approval Process - The application process is simple and the approval process is fast. You can get approved within a day if all your documents are submitted and there are no errors in your application. You can get your cash in your bank account within 2 business days.

  • Initial Soft Pull - Applying for a loan will not result in a hard inquiry (only a soft one). Only when you decide to pull the trigger will a hard inquiry be made. If you decide not to proceed, you are only hit with a soft inquiry which has no effect on your credit score.

  • Do not need perfect credit score - You do not need to have a perfect credit score to apply. The minimum score required is 580 though the higher your score, the better.


  • $2,500 minimum and $12,000 Loan Limit - If you need to borrow more than $12,000 or less than $2,500, you will need to look elsewhere.

  • 5% Origination Fee - Most personal loans charge an origination fee and Merrick Bank is no different.

Our Take

Merrick Bank's personal loans offers you a quick and easy process to get a loan of from $2,500 to $12,000. The application process is easy and rather straight forward. There will also be no hard inquiry (just a soft inquiry) until you actually decide to pull the trigger and take what is being offered to you.

It can take as short as a day to get approved (provided you have uploaded and submitted the required documents) and once you are approved, funds will be deposited in your checking account the next business day.

The only issue some of you might have is that you can only borrow from $2,500 to $12,000. There is also a 5% origination fee. If you need to borrow less than $2,500, then we suggest you use a loan aggregator like First Premier Lending to find a short term loan. If you need to borrow more than $12,000, you will have to find another lender or loan aggregator like Excel Online Loans where you can borrow up to $20,000.


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