Unsecured Loans

Are you in need of a smaller amount of money to purchase appliances or home furnishings, consolidate bills, cover the cost of auto repairs, or go on vacation? First Exchange Bank offers fast and local decision making with an Unsecured Personal Loan and a repayment term that is best for you. Contact your First Exchange Bank office today for more information. You can also visit us at any one of our convenient locations: Fairview, Fairmont, Hundred or White Hall, Mannington, or Morgantown. 

What is an Unsecured Loan?

There are two types of personal loans, secured and unsecured. An unsecured personal loan is not guaranteed by an asset, so approval depends on your creditworthiness and income. You can choose from different loan amounts and term lengths to apply for.

Both unsecured and cash secured personal loans are term loans, meaning you borrow a lump sum and repay it, plus interest, in fixed monthly payments over a predetermined period of time. The difference is that a secured loan is attached to a savings account, meaning you have to already have enough in your personal savings or CD account to borrow against.

Cash Secured Personal Loan vs. Unsecured Personal Loan - describes cash secured as 'a savings account or anotehr deposit account is used as a collateral' with an image of a piggy bank. Describes Unsecured as 'No collateral is required' with an image of two people shaking hands.

Benefits of Unsecured Personal Loans

If your credit is good enough to qualify for an unsecured personal loan, you don’t need to have enough in savings to offer as collateral. Plus, you’ll avoid a freeze on your savings account while the loan is repaid. Other benefits include:

  • Flexible: Use it for anything. Variety of loan amounts and term lengths available.
  • Swift Decision making: Apply for a personal loan and find out within 24 hours if you’ve been approved or not.
  • No Collateral: Approval for an unsecured loan is based on your creditworthiness, so you don’t need to use a savings account or CD as collateral.

How To Apply For an Unsecured Personal Loan

Applying for an unsecured personal loan is a swift and easy process. You’ll just need to provide basic information such as your name and address, show photo ID, social security number, and state your current income. We will check your credit score to determine approval. Contact one of our loan officers to learn more!

Questions about Personal Loans? Contact A Lender - Image of people in suits

Apply For An Unsecured Personal Loan!

We’ve helped generations of West Virginians reach their financial goals and we can help you, too. Come experience our friendly and personal service for yourself! Contact the North Central West Virginia loan officers at First Exchange Bank to learn more about unsecured personal loans or click the button below to get started.


*Subject to credit approval. Please contact your local First Exchange Bank for current interest rates.


Unsecured Loan FAQs

What is a hard credit inquiry? 

When you apply for new credit like an unsecured loan, we check your credit score and credit report before making a decision. This is known as a hard inquiry, which simply means it gets captured on your credit report and may temporarily impact your credit score. 

Can I have a co-applicant? 

Yes, if you don’t think you can qualify for an unsecured loan on your own, for whatever reason, you can apply with a co-signer who will be responsible for the balance if you default. 

How long does it take to get a decision? 

The unsecured loan application process is usually simple and fast, meaning you could get a decision in as little as a few minutes. If we need more time to make a decision, we’ll let you know. 

Can I use a personal loan for debt consolidation? 

Yes, you may use your unsecured loan for any purpose, including debt consolidation. If you have higher interest debt, such as credit card balances, you could save on total interest paid and enjoy the convenience of having one fixed monthly debt payment instead of several varying payments.