Eastern Bank Personal Borrowing Solutions: Personal Loans & Personal Lines of Credit

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Eastern Bank Personal Loans & Personal Lines of Credit

Eastern Bank offers personal loans, secured loans and personal lines of credit at great rates for funding life’s big moments, consolidating credit card debt or to help you establish a credit history. At Eastern Bank, we do good things to help people prosper… See how a personal loan or a personal line of credit from Eastern Bank can help you achieve your financial goals!   

Eastern Bank Personal Loans

A personal loan from Eastern Bank features a low fixed rate that provides peace of mind since your monthly payments will be consistent throughout the life of the loan. Easy to budget, a personal loan enables you to pay for an unexpected expense or a planned big purchase, or pay off credit cards at a lower interest rate. And with approval in as few as 5 minutes and access to funds within 2 business days1, an Eastern Personal Loan is a great way to pay for whatever life sends your way.

Eastern Bank Personal Lines of Credit

Meanwhile, a personal line of credit from Eastern Bank offers a revolving line of credit at a rate typically lower than a credit card, useful if you want to consolidate debt and reduce your monthly payment. A personal line of credit also provides flexible payment options that enable customers to manage their line of credit how they see fit. With your monthly payment, you can either pay down the principal or cover just the interest; Eastern Bank enables you to focus on what’s best for you and your financial situation. If you choose to make interest-only payments, then the balance shall be due and payable in full at maturity.

And with an Eastern Premier Checking account or Eastern Select Checking account, the $50 annual fee for your Eastern Bank personal line of credit is waived.


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What will you do with your personal loan or line of credit?


Credit Card

Pay Off Credit Cards

Home Renovation

Fund Home Improvements

Wedding Rings

Pay for Life's Big Moments

Check Out Our Great Rates

Personal Loan Personal Line of Credit

Rates as low as 6.99%-16.49%2

Prime plus 5.00%3

Terms up to 60 months

Terms up to 60 months

Revolving: interest-only monthly

(balance due in full at maturity)

Min: $2,000 | Max: $25,000

Min: $5,000 | Max: $50,000

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2 As of 12/1/2020 your APR may be as low as 6.99% or as high as 16.49%. To qualify for the lowest rate, applicants must have excellent credit as defined by Eastern Bank, apply for a 12-month term and be an Eastern Bank Premier or Eastern Bank Select customer. Lowest rate assumes a 1% auto-pay discount from an Eastern Premier or Select checking account. Applicants without an Eastern Premier or Eastern Select checking account can receive a 0.5% auto-pay discount with another Eastern Bank checking account. Personal Loan terms range and are available from 12 to 60 months. Minimum loan amount is $2,000; maximum loan amount is $25,000.

3 The interest rate adjusts monthly based on the Wall Street Journal prime rate for the life of the line (3.25% APR on 12/1/2020).

The annual percentage rate (APR) is what credit costs a borrower each year, expressed as a percentage of the loan amount.

The Prime Rate (PRIME) is the interest rate a bank offers to its most credit-worthy customers, typically those with the highest credit ratings.

There is a $50 annual fee for a Personal Line of Credit, which is waived for Eastern Bank Premier Checking and Eastern Bank Select customers. There is also a late fee if payments are not received on time.

All financing is subject to credit approval.



Other Ways to Apply


Consumer loan rates effective 12/1/2020.

1 Funds will be deposited into an account of the borrower’s choosing within 2 business days of a completed and approved loan application. A completed loan application includes providing all requested information to Eastern Bank and signing all related loan documents.