Founded in 1868, Frost Bank is a San Antonio, Texas-based bank with more than 125 local financial centers in the state. It offers all the standard banking services, including checking, loans, mortgages, savings, and mobile banking, as well as several insurance and investment services.
Fixed-rate personal loans are available either unsecured or secured by collateral. Loan rates and terms will depend on which type of loan you get approved for, but Frost Bank's APR ranges from 9.49 percent to 12.00 percent with loan amounts ranging from $2,000 to $25,000 — smaller and larger loan amounts may be available.
Note: Frost Bank personal loans are only available in Texas.
Keep reading for pros and cons of this personal loan company, and frost bank reviews from real customers.
If you are looking for a smaller loan amount, Frost Bank could be a good option since the company offers loans as small as $2,000.
Instead of determining rates solely on your credit score like most other personal loan lenders, Frost Bank offers secured loans that can be backed by a Frost Bank CD, money market account, savings account, stocks, bonds, brokerage, annuities, or trust account. This is good news for borrowers with bad credit or no credit history.
Frost Bank does also offer unsecured loans.
Frost Bank does not charge an annual fee, prepayment penalty fee, or loan origination fee. It is unique that Frost Bank doesn't charge an origination fee, since most personal loan lenders do charge this fee.
If you sign up for autopay from a Frost Checking or savings account, you may be eligible for a .25 percent rate decrease on your personal installment loan. While it may not sound like much, this is definitely a benefit to Frost customers who opt in.
Customer service is available 24/7 via the Frost hotline. This is always a good indication when it comes to choosing a service provider, especially if you are the type of person who wants to talk to a warm body about your account. In 2019, the bank celebrated 10 years of award winning customer service in the J.D. Power Retail Banking Satisfaction Study.
Frost Bank generally specializes in small loan amounts, thus its maximum loan amount offering is much lower than other personal loan lenders. The company clearly advertises loan amounts up to $25,000, but you may qualify for a larger loan based on your collateral.
There is very little available online about Frost Bank's personal loan offerings and requirements. Additionally, customers need to contact via phone or visit the local branch in person (more than 100 in Texas).
Consumers would probably appreciate more robust information available online in order to do their own research. However, because of the bank's application process, you get a quick response. Applications take about fifteen minutes. From there, you should get an answer in two to four hours. Keep in mind that potential borrowers can request more information via email or schedule a phone call through the Frost website.
The Frost app has many helpful mobile banking features that include the ability to set up a Frost account, send and receive money, see your finances, deposit checks, and more, but it may not provide any services for managing your Frost Bank loan. This may diminish the convenience of the Frost app, since you may not be able to make payments or view other loan information a long with your banking information in one location.
This bank only offers its services in the great state of Texas. If you live elsewhere, find another lender.