Access your account 24 hours a day, seven days a week using Merrick Bank's new and improved Cardholder Center.

    

Questions about the recent CARD Act?

We believe it is important for consumers to stay up to date on important financial-related issues.

Build knowledge, security and confidence using the "Money Smart" Financial Education Center.

Financial Education

Borrowing Basics

Types of Credit

Consumer Installment Loans

A consumer installment loan can be used to make large purchases or to pay for personal expenses for you and your family. Such loans are usually repaid over a number of months or years by making monthly or periodic payments. The following are examples of consumer loans:

• Auto loans are used for buying automobiles. The automobile that is purchased is used as collateral for the loan. Collateral is what you promise to give to the lender if you do not pay back the loan.
  
  
• Personal loans are unsecured loans that are often used for short-term needs.

Secured Loans

A loan can be secured by collateral. Collateral is what you promise to give to the lender if you do not pay back the loan.

Example:

• You can use the car or home you are purchasing with a loan as collateral. There are other items you can also use as collateral.
  
  
• When a loan is secured by collateral, the lender can take the item if you do not pay back the loan.
  

Credit/Department Store Cards

Credit cards give you an ongoing ability to borrow money for household, family, or other personal expenses.

Home Loans

Home loans are secured by your home. There are three main types of home loans.

• Home purchase loans are made for the purpose of buying a house.
  
  
• Home refinancing is a process by which an existing home loan is paid off and replaced by a new one.
  
  
• Home Equity loans are secured by a property of the borrower. The amount of the equity is the value of the property minus the debt. Home equity loans generally can be used for any purpose.