BankPlus Review 2020 - Home Equity Consolidation Loans

Home equity consolidation Best for
3 /5
$ /mo
Starting Price
Visit Site
Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: Varies depending on individual circumstances
    Rates APR: From 3.25% to 21%
    Loan amounts min to max: $5000 minimum - maximum is dependant on levels of outstanding debt
    Origination fee:None
    Terms: From 5-25 years
    Late payment fee: Unspecified
    Prepayment penalty: Unspecified

    Pros and Cons


    • Low APRs in some cases
    • No origination fees
    • Extensive terms
    • Online webchat providing assistance for all services
    • Loan calculator on the website


    • Unspecified late payment charge
    • Some payment fees may incur when bills aren’t debited directly from a BankPlus account
    • Types of consolidation loan available are limited when compared with some other businesses

    Why should you consolidate your loans with BankPlus?

    • Introductory APR - With the home equity line consolidation loan, APR is set at 0% for the first 90 days, which will provide immediate financial relief to successful applicants
    • Low APRs in some circumstances - Interest rate margins are based on the loan amount, credit rating and the terms agreed. For those with excellent credit history, a rate as low as 3.25% is somewhat lower than the offers from many competing loan agents
    • No origination fees - Origination fees cover the cost of setting up the account, and then maintaining it throughout the repayment term. There’s no charge at all for this, which could save clients thousands of dollars over the duration of the loan period
    • Extensive terms - Put simply, the longer the terms on offer, the lower monthly fees are likely to be. There will be less financial pressure each month, and although you’ll pay more in the long run, it’ll be spread out in a way that you can afford
    • Online webchat assistance - A decent tool for anyone with questions or problems when researching and applying for a loan 
    • Use the funds for whatever you like - The EquityPlus line of credit can be used for anything, such as a holiday, new car, debt repayments of home improvement
    • Loan calculator - Without even applying, by inputting some basic financial information, the calculator will help determine whether or not a loan is a good option for you. Not only that, but it’ll also suggest how much you might be able to reduce monthly fees

    What are the eligibility requirements?

    The BankPlus website is extremely vague in this regard. For a firm answer on your eligibility, contact the lender directly. 

    All applicants will need to fulfill certain criteria:

    • At least 18 years old
    • A homeowner
    • Willing to undergo a credit check
    • Some evidence of employment
    • Evidence of monthly income/outgoings

    How to apply for a BankPlus consolidation loan? 

    Loans with this provider are applied for online. Firstly, you’ll need to make an account with BankPlus. Secondly, you’ll fill out an application form and await the assessment of your eligibility for a loan  

    Customer Service

    • Webchat
    • Telephone banking available 24/7
    • Customer service team available via phone call
    • All lobbies are currently closed to safeguard against COVID-19

    What types of debt can be consolidated with BankPlus?

    The consolidation loan opportunities with BankPlus are limited to those with home equity. 

    Bottom line

    For those eligible for a loan with BankPlus, APRs and terms could be reasonable as long as your credit score is good. However, its consolidation loan options are extremely limited when compared with many competing businesses.

    For an alternative, why not take a look at SunTrust? Its loans range up to an incredible $100,000. For another highly reviewed option, check out Avant. It offers an expansive range of consolidation loans with fixed low-interest payments and set terms.