Loan Cost2022-08-30T15:55:53-05:00

Loan Cost

How to Lower the Total Cost of Your Loan

Loan Cost

How to Lower the Total Cost of Your Loan

Loan Cost

How to Lower the Total Cost of Your Loan

With a line of credit from Vault by Bank of Orrick, you are in control. Here are three simple ways you can lower the total cost of your loan:

1. Only take out as much money as you need at any given time.
You are only charged interest based on the amount of credit you have drawn, not on your approved credit limit.

2. Make more than the minimum payment.
Even just a few extra dollars with each payment will lower the total amount of interest you end up paying.

3. Whenever possible, pay off your full balance.
With no outstanding balance, no interest charges will accrue. (And you can still access your full line of credit whenever you need it again.)

Questions? Concerns?

We know taking out a loan is a big decision, and we want to make sure you get a loan that really works for you. If you have questions, view answers to borrowers’  frequently asked questions.

What is Vault by Bank of Orrick?2021-11-16T08:38:10-06:00

Vault by Bank of Orrick is a brand of Bank of Orrick, offering personal loans designed to help you quickly deal with unexpected expenses, successfully make payments, and build credit.

All loans are issued and serviced by Bank of Orrick, Member FDIC.

What kind of loans does Vault offer?2021-11-16T08:44:37-06:00

Vault by Bank of Orrick offers personal lines of credit. With a line of credit, you can draw money at any time as long as you have available credit and your account is in good standing. As you pay down your outstanding balance, more of your credit is available to you.

With Vault by Bank of Orrick, there is no advance fee or annual fee, and you are only charged based on the amount of credit you have drawn, not on your approved credit limit.

When will I receive my money?2021-02-14T15:46:18-06:00

The exact timing depends on a few things, including how long it takes your bank to credit the payment to your account. That said, with most banks you can expect to see the money in your account based on when you sign your loan agreement:

  • If your loan agreement was signed by 11:00 am Central Time on a business day, you should receive your money by 5:00 pm the same day.
  • If your loan agreement was signed after 11:00 am (or on a weekend or bank holiday), you should receive your money by 5:00 pm Central Time the next business day.

For more information on how the funding process works and when you can expect to receive your funds, visit myvaultloan.com/funding.

How can I reduce the total cost of my loan?2021-11-16T08:53:13-06:00

With a line of credit from Vault by Bank of Orrick, you are in control. Here are three simple ways you can lower the total cost of your loan:

1. Only take out as much money as you need at any given time. You are only charged interest based on the amount of credit you have drawn, not on your approved credit limit.

2. Make more than the minimum payment. Even just a few extra dollars with each payment will lower the total amount of interest you end up paying.

3. Whenever possible, pay off your full balance. With no outstanding balance, no interest charges will accrue. (And you can still access your full line of credit whenever you need it again.)

More Answers >

Still have questions about Vault personal loans? Contact one of our friendly loan advisors.

Call: 888-227-1935
8am-5pm Central Time, Monday-Friday

Email: info@myvaultloan.com

Bank of Orrick

Loans are issued and serviced by Bank of Orrick, Member FDIC.  

P.O. Box 199
Orrick, MO 64077

Member FDIC

IMPORTANT DISCLOSURES

This is an expensive form of borrowing and it is not intended to be a long term financial solution. Please note: Vault by Bank of Orrick loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long term financial solution. Examples of emergency reasons why these loans might be used include unexpected emergencies, car repair bills, medical care, or essential travel expenses. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs.

Late fees and non-sufficient funds/returned item fees may apply as described in your Loan Agreement. Our fees are disclosed in your loan agreement. If you do not make a payment on time, we will attempt to contact you via one or more authorized methods. We adhere to the principles of the federal Fair Debt Collection Practices Act (FDCPA). Because we may report your payment history to one or more credit bureaus, late or non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with or sell your loan to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt.

As part of our information collection process, we may detect additional bank accounts under the ownership of the consumer. We will consider these additional accounts to be part of the application process. Bank of Orrick reviews your information in real-time to determine whether your information meets its lending criteria. You acknowledge that by completing and submitting the website application that you are applying for a loan. We verify applicant information through national databases, and we may pull your credit in order to determine your eligibility and ability to repay.

Availability of loans are subject to change at any time at the sole discretion of Bank of Orrick.

Vault by Bank of Orrick is a brand of Bank of Orrick. Loans are issued and serviced by Bank of Orrick, Member FDIC.

Loop
info@myvaultloan.com
888-227-1935

QUICK LINKS

RESOURCES

© Copyright 2023 Vault by Bank of Orrick. All rights reserved.

Bank of Orrick

Loans are issued and serviced by Bank of Orrick, Member FDIC.

P.O. Box 199
Orrick, MO 64077

Member FDIC

IMPORTANT DISCLOSURES

This is an expensive form of borrowing and it is not intended to be a long term financial solution. Please note: Vault by Bank of Orrick loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long term financial solution. Examples of emergency reasons why these loans might be used include unexpected emergencies, car repair bills, medical care, or essential travel expenses. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs.

Late fees and non-sufficient funds/returned item fees may apply as described in your Loan Agreement. Our fees are disclosed in your loan agreement. If you do not make a payment on time, we will attempt to contact you via one or more authorized methods. We adhere to the principles of the federal Fair Debt Collection Practices Act (FDCPA). Because we may report your payment history to one or more credit bureaus, late or non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with or sell your loan to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt.

As part of our information collection process, we may detect additional bank accounts under the ownership of the consumer. We will consider these additional accounts to be part of the application process. Bank of Orrick reviews your information in real-time to determine whether your information meets its lending criteria. You acknowledge that by completing and submitting the website application that you are applying for a loan. We verify applicant information through national databases, and we may pull your credit in order to determine your eligibility and ability to repay.

Availability of loans are subject to change at any time at the sole discretion of Bank of Orrick.

Vault by Bank of Orrick is a brand of Bank of Orrick. Loans are issued and serviced by Bank of Orrick, Member FDIC.

Loop
info@myvaultloan.com
888-227-1935

QUICK LINKS

RESOURCES

© Copyright 2023 Vault by Bank of Orrick. All rights reserved.

Bank of Orrick

Loans are issued and serviced by
Bank of Orrick, Member FDIC.  

P.O. Box 199
Orrick, MO 64077

Member FDIC

IMPORTANT DISCLOSURES

This is an expensive form of borrowing and it is not intended to be a long term financial solution. Please note: Vault by Bank of Orrick loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long term financial solution. Examples of emergency reasons why these loans might be used include unexpected emergencies, car repair bills, medical care, or essential travel expenses. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs.

Late fees and non-sufficient funds/returned item fees may apply as described in your Loan Agreement. Our fees are disclosed in your loan agreement. If you do not make a payment on time, we will attempt to contact you via one or more authorized methods. We adhere to the principles of the federal Fair Debt Collection Practices Act (FDCPA). Because we may report your payment history to one or more credit bureaus, late or non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with or sell your loan to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt.

As part of our information collection process, we may detect additional bank accounts under the ownership of the consumer. We will consider these additional accounts to be part of the application process. Bank of Orrick reviews your information in real-time to determine whether your information meets its lending criteria. You acknowledge that by completing and submitting the website application that you are applying for a loan. We verify applicant information through national databases, and we may pull your credit in order to determine your eligibility and ability to repay.

Availability of loans are subject to change at any time at the sole discretion of Bank of Orrick.

Vault by Bank of Orrick is a brand of Bank of Orrick. Loans are issued and serviced by Bank of Orrick, Member FDIC.

Loop
info@myvaultloan.com
888-227-1935

QUICK LINKS

RESOURCES

© Copyright 2023 Vault by Bank of Orrick. All rights reserved.