![]() ![]() ![]() ![]() It will especially appeal to customers who: Merrick Bank is going to work best for customers who are looking to get a credit card or loan despite a lackluster credit history. This makes Merrick Bank a poor choice for any customer looking for a one-stop shop. No typical deposit accounts – Merrick Bank is not a traditional bank, and you cannot open a checking account, savings account, or money market account with it.Loan rates not listed online – Neither the recreational vehicle loans nor the personal loans have their rates listed on the Merrick Bank website, making it more difficult to do an apples-to-apples comparison with other lenders.Confusing credit card fees – Setup and maintenance fees for the secured credit card are “removed” from your credit limit, which can be somewhat confusing.$25,000 minimum CD deposit – The impressive yields for Merrick Bank CDs come with a cost-you can only open one with a $25,000 minimum deposit, placing it out of reach for the average customer.Focuses on helping customers with lower credit scores – Though Merrick Bank does not accept all comers regardless of credit history, it is very open to helping those with either no credit record or a poor credit record build their credit history.Merrick Bank works with thousands of approved dealers across the United States. ![]() This makes it an attractive choice for borrowers who might otherwise have trouble finding a lender, either because of the specificity of their purchase or their credit history. Specializes in boat and RV financing – While Merrick Bank also offers personal loans, the institution is known for its boat, RV, and horse trailer loans.Lower-than-average APR on secured credit card – The secured credit card, which is Merrick Bank’s most popular product, has an annual percentage rate (APR) of 21.70% for card purchases, which is above the national average of 18.97% APR on secured credit cards.These rates outpace the national average, which range from 0.89% for a six-month term to 1.28% for a two-year term. High CD yields – Merrick Bank offers CDs in terms ranging from six months to two years, with annual percentage yields (APYs) that range from 3.25% to 4.85%. ![]()
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