Frequently Asked Questions2022-08-30T15:43:29-05:00

Frequently Asked Questions

Frequently Asked Questions

Frequently Asked Questions

Here to Help

We know taking out a loan is a big decision. That’s why we want to provide you with the honest, clear information you need to get a loan that really works for you.

Here are answers to some of the most frequently asked questions borrowers ask. If you can’t find the answers you’re looking for here and need assistance, please contact one of our friendly loan advisors.

Still have questions about Vault personal loans?

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

Email: info@myvaultloan.com

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Applying
How do I apply?2021-11-16T08:45:14-06:00

Our application is an automated online process. If approved, you can receive funds as soon as the next business day. To apply, you’ll need to provide the following information: Contact, Residence, Employment, and Income.

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See our Privacy Policy and Security information for more information on steps we take to protect your information and data.

Do you check my credit?2021-02-14T16:06:19-06:00

Yes, we check your credit report as part of the application process. Your application is underwritten using Clarity Services, an alternative credit bureau owned by Experian.

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.

Is collateral required for a Vault loan?2021-02-14T16:05:37-06:00

No, collateral is not required for a Vault loan. Vault offers unsecured, no-collateral personal loans, based on credit, income, and a number of other factors.

Do you consider social security or disability benefits as income?2021-02-14T16:05:13-06:00

Yes, we consider both social security and disability benefits as sources of income when processing your application.

Approval and Funding
How long does it take to get approved?2021-02-14T16:01:24-06:00

Once your application is complete, you will receive an immediate decision online. If approved, you will receive an official loan offer with details about the loan amount, payment terms, and rate.

From there, it’s just a few clicks to finalize your loan and sign your online loan agreement. Once complete, you will receive your money within one business day.*  Get Your Offer >

How quickly will I get my money?2021-02-14T16:01:45-06:00

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 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 do I draw from my line of credit?2021-11-16T08:56:17-06:00

You can draw from your line through the dashboard of your online client portal. For more information on how the funding process works and when you can expect to receive your funds, visit myvaultloan.com/funding.

Loan Terms, Rates, and Cost
How does a line of credit work?2021-11-16T08:52:34-06:00

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 a Vault line of credit, 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.

Are there any advance or annual fees?2021-11-16T08:52:12-06:00

No, there are no advance fees or annual fees with a Vault by Bank of Orrick line of credit. You are only charged interest based on your outstanding balance, not on your approved credit limit.

What are the interest rates on a Vault loan?2021-11-16T08:42:59-06:00

Interest rates vary per applicant. They are based on a number of factors, including credit score and payment history. This rate is disclosed on your loan agreement for you to review before signing.

It’s also important to know that you only pay interest on your outstanding balance, not on your approved credit limit. To lower the overall amount of interest you pay, we encourage you to only take out as much as you need at any give time, and to make more than the minimum payment when possible.

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.)

Making Payments
How do I access my account online?2021-02-14T15:54:31-06:00

Through your online client portal, you can view your payment history, outstanding balance, and scheduled upcoming payments. Within your portal, you can also make additional payments toward principal or pay off your balance at any time without a pre-payment fee or penalty.

How to Access Your Account

If you are a current client, you can access your account at secure.myvaultloan.com/login, with the email address used on your application.

Password Tips

Password is the first 2 characters of your last name (with first letter capitalized), followed by the last four digits of your social security number, then your birth year. (For example: Sm12341988)

If you have trouble accessing your account online or would like to speak with a loan advisor, email info@myvaultloan.com or call 888-227-1935, 8am-5pm Central Time, Monday-Friday.

How do I make payments?2021-11-29T13:17:02-06:00

Automatic and Online Payments (Recommended)
Making automatic payments with ACH withdrawal through your bank is the safest way to ensure your payments are received on time and that you don’t accrue late fees or go into default. You can also make additional payments on principal or pay off your balance in full (with no penalty) anytime through your client portal at secure.myvaultloan.com/login.

Alternative Methods of Payment
If you do not wish to pay via automatic withdrawal, you have the option of paying via debit card, check, or money order. If sending your payments in the form of check via the mail, please provide plenty of time to ensure your payments arrive at our office in advance of the payment due date.

Send mail-in payments to:

Bank of Orrick
Attn: Vault
113 E South Front St.
Orrick, MO 64077

If you are concerned about not being able to make a payment on time, please contact us to discuss your options.

Can I modify my payment plan?2021-02-14T15:35:43-06:00

If you want to change the date or details of an upcoming payment, or change your payment schedule going forward, please email us at info@myvaultloan.com or call 888-227-1935, 8am-5pm (Central Time), Monday-Friday to speak with a loan advisor.

How do I change my bank account?2021-02-14T15:35:21-06:00

If you are an existing customer, you can add a new payment method online through your Client Portal. You can log in to your portal at secure.myvaultloan.com/login. If you have not yet received your funds, please contact us to make sure we have the correct account information on file.

Security and Privacy
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.

How do I know my information is secure with Vault by Bank of Orrick?2021-02-14T16:12:11-06:00

We understand you are entrusting us with your personal and financial information. We take that seriously, and work hard to protect your privacy. The data you provide to us is protected in accordance with our Privacy Policy, and we use the highest level of encryption to ensure your information and data is safe and secure.

Why do you need to confirm my bank account information?2021-02-14T15:53:21-06:00

We confirm your bank information to ensure we send your funds to the correct bank account. This also helps us ensure that your funds are transferred without any interruption.

Why do you need to verify my identity?2021-11-17T11:54:41-06:00

After you have reviewed and accepted your loan offer, Vault uses an advanced ID verification system to securely verify your identity. This protects both you (the borrower) and us (the lender) from fraud.

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