What kind of loan are you looking for? The Clay City Banking Company has the right loan for you!

• Consumer Loans
• Mortgage Loans
• Home Equity Loans
• Commercial Loans
• Real Estate
• Agriculture Loans

Repayment Options

All of our loans offer the opportunity to make your loan payments easily in two convenient ways:

• By coupon book.
• Via automatic deduction from your Clay City Banking
  Company deposit account. No loan coupons to worry about and avoid late penalties as payments are always made on time.

Loan Services-Consumer Loans

The Clay City Banking Company provides a full range of personal loans with flexible terms and competitive rates to fit any need. We offer fast and convenient service from experienced loan officers.

What options and advantages do our consumer loans offer?

• An installment loan can offer you a structured loan to be paid back in a specified time.
• Your loan term can be for a few months or a few years.
• You can take advantage of competitive fixed rate financing that rewards your strong payment history.
• Our loans are simple interest, so you pay interest only on the outstanding balance. You can also reduce the amount of interest you would pay if you choose to repay the loan early.
• Secure your loan with a Clay City Banking Company deposit account for added interest savings.
• Receive a discounted rate for having your payment automatically deducted from your Bank account.
• Simple application process with a quick turn-around on your loan decision.

Auto Loans

 The Clay City Banking Company offers financing for automobiles. We have financing for new and used models with flexible loan terms. (These terms depend on credit analysis, length of term, and year of the vehicle)

Secured Loans

The Clay City Banking Company offers personal loans secured by other types of collateral, such as motorcycles, boats, tractors, motor homes, and ATV's. We have financing for new and used models with flexible loan terms. (These terms depend on credit analysis, length of term, and year of the collateral)

Unsecured Loans

The Clay City Banking Company offers fixed rate loans to finance a one time expense and gives you the benefit of either a monthly payment or a term loan. Loan terms depend on credit analysis.

Visit any location to obtain an application. Same day approval can be obtained with a completed loan application, so do not hesitate.

Loan Services-Mortgage Loans

The Clay City Banking Company is very active in the communities we all live in. One of the most important ways to invest in the community is through our mortgage loan programs. It is our goal to help increase home ownership in the neighborhoods we serve. There are several ways we seek to do this:

• Loan decisions are made locally by lenders who work in the community they serve.
• We offer a wide variety of terms, products, and rate plans to help you purchase the home of your dreams.
• Our lenders are knowledgeable and will work with you through the process.
• We partner with other agencies to offer flexible mortgage financing options.

Investing in your home is one of the biggest financial decisions you will make. Our bankers will guide you through the steps whether you are purchasing, refinancing, building or renovating your current home. We will help you determine the right product for your individual situation and offer competitive rates on loans we service and sell on the secondary market.

Which loan program is best?

Today's home buyers have unique needs. Loan terms should be suited to meet your lifestyle and budget. Our many mortgage options include the following popular programs:

Fixed Rate Mortgage

The interest rate on this loan is fixed for the life of the loan. It offers the comfort of steady payments whether you are purchasing or refinancing your current home. Consider a fixed rate mortgage if you:

• Want the certainty of a fixed principal and interest payment.
• Feel the mortgage rates are currently low and believe the interest rates will increase.
• Plan to own your home for a long time.
• Need to work within a fixed budget.

Balloon Mortgage

Balloon mortgages are fixed rate loans that may require a lump sum payment or renewal at the end of the term. These loans offer competitive rates and can be used for both purchases and refinances. Consider a balloon mortgage if you:

• Plan on selling your home in a few years.
• Believe the rates may fall in a few years.
• Need lower closing costs.
• Have a non-conforming home or a unique situation.

Guaranteed Rural Development Mortgage (RD Loan)

An RD mortgage is insured by the Federal Government. This mortgage offers a no down payment loan. Loans may be made up to the property's appraised value. These mortgages offer a fixed rate of interest on purchases only. There are income limits based on the size of household. Consider an RD mortgage if you:

• Have a smaller or no down payment.
• Have a limited income.
• Want a fixed principal and interest payment.
• Have a limited credit history.

Other advantages to an RD mortgage are:

• Increased debt ratio limits.
• Escrowing of taxes and insurance.
• No down payment loan without private mortgage insurance.

Visit the Rural Development website, www.rurdev.usda.gov , for additional information.

Purchasing a new home?

When you are ready to buy a new home, let The Clay City Banking Company help you. We have the right product for you and our experienced Loan Officers will guide you through the application process to develop a loan that fits your needs. To help with the new home purchase, we have outlined four basic steps:

• Step 1: Pre-qualification-determine the mortgage amount you can afford
• Step 2: Determine the appropriate type of loan for your needs.
• Step 3: Compare the current interest rates and fees.
• Step 4: Apply for a loan.  Visit any location to obtain a mortgage loan application.

Planning to refinance your current home mortgage?

If you have equity in your home, now may be the time to refinance. Refinancing can help you:

• Lower your monthly payments.
• Pay off your mortgage more quickly.
• Lock in a lower rate.
• Consolidate debt.
• Complete the remodeling or renovation project you have been thinking about.
• Purchase an item you have been thinking about.

The Clay City Banking Company can make this easy. You can get the refinancing process started using three basic steps:

• Step 1: Determine the rate you are paying on your current mortgage.
• Step 2: Contact one or our loan officers to get customized rate quotes and to determine the closing costs associated with refinancing.
• Step 3: Apply for a loan.  Visit any location to obtain a mortgage loan application.

What information do I need to bring with me to the bank for my appointment?

After you have completed and submitted to us the signed residential mortgage loan application and we have issued the shopping disclosure, please bring the following with you to help speed up the approval process:

• Last two years tax returns and W-2's;
• Last two pay stubs for each working borrower;
• If you rent, the landlord's name and mailing address covering the last 2 year period.
• Statements on all deposit accounts, including brokerage and retirement accounts.
• Information pertaining to all loans outstanding, including credit cards.
• If application for a purchase, a copy of the purchase agreement.

Once you have gathered this information and are ready to speak with one of our Loan Officers, give us a call to set up the appointment. We can be reached in three locations, The Clay City Banking Company at (618) 676-1511 or The Flora Banking Company at (618) 662-8000 or The Louisville Banking Company at (618) 665-4611.

Loan Services-Home Equity Loans

If you are like most people, your home is your biggest asset. We offer you the opportunity to put the equity in your home to work for you. Updating your home, consolidating bills, investing opportunities, purchasing a vehicle, paying school tuition, or those unexpected emergencies are just a few of the many important reasons to borrow. Our home equity lines of credit are a convenient way to access the equity in your home. These lines of credit are tied to a checking account, so accessing your equity is as easy as writing a check!

How do the home equity lines of credit work?

The Clay City Banking Company's revolving home equity credit line is based on the equity in your home. To calculate the equity in your home, simply take the appraised value of your home and multiply by 80%. This calculation less the first mortgage is the equity in your home. We can, however, make loans up to 100% of the appraised value of your home less the first mortgage. We will help you establish the equity in your home and your limit on the line. You will receive a checkbook on this line to make advances and you will receive a monthly statement on your loan indicating the minimum monthly payment due. As you pay down on this line, you are able to re-advance later as you need funds. The rates on these equity loans float with prime with three different rate options available based on your loan to value.

The advantages of a revolving home equity loan are:

• Instantly have access to cash.
• Pay interest only on the amount you have outstanding on the loan.
• The revolving line allows you to pay down on the loan and re-advance up to your limit, similar to how a credit card works.
• Traditionally, lower interest rates.
• Since the interest you pay is on your home, the current Federal Tax laws make the interest tax deductible. Consult your tax advisor for your individual situation.

To apply for a Clay City Banking Company revolving home equity line of credit, visit any location to obtain a Home Equity Credit Line (HECL) loan application. Then review the checklist below and gather the required documents so that when you schedule an appointment, everything will be in order to process your application as quickly as possible. Please call The Clay City Banking Company at (618) 676-1511 or The Flora Banking Company at (618) 662-8000 or The Louisville Banking Company at (618) 665-4611 to schedule an appointment.

Items to bring to your appointment:

• The signed and completed Home Equity loan application;
• Last two years tax returns and W-2's;
• Last two pay stubs for each working borrower;
• Statements on all deposit accounts, including brokerage and retirement accounts.
• Information pertaining to all loans outstanding, including credit cards.
• Copy of your last appraisal on your home.

Loan Services-Commercial Loans

The Clay City Banking Company has a full range of commercial loans. We take the time to understand your business goals because we know that not every company needs the same loan. We are committed to the growth and future development of our community and strive to promote relationship banking where we get to know you as a customer and learn about your individual business needs. We are local people, helping local businesses make informed decisions about your business.

Term Loans

Term loans are available for several purposes, including the purchase of equipment, machinery, computers, transportation or when you need to improve your business facility. Our Loan Officers can help you choose the rates, terms and payment schedule that will best benefit you, the customer.

Working Capital Lines of Credit

A line of credit can help your business handle temporary cash flow needs. When you need additional cash to buy inventory, seasonal needs, meet increasing operation cost, or even take advantage of trade discounts, we can help. Such credit is generally based on a company's primary liquid assets such as inventory and account receivables.The interest rate can be fixed or float.

Commercial Real Estate Loans 

The Clay City Banking Company offers fixed or variable interest rates that can provide financing options on purchases, expansions and remodeling of commercial real estate. You can access the valuable equity you have built in your real estate to fund other purchases such as vehicles or equipment. What ever the need, The Clay City Banking Company can help you make it happen.

To process your commercial loan request, we will need the following items:

• Previous 3 years' tax returns for the business;
• Corporate papers for the business, if applicable;
• Previous 3 years' tax returns for the guarantors/individuals;
• Personal financial statements of the guarantors/individuals;
• Short business plan outlining the proposed loan and needs.

Visit any location to obtain a Financial Statement form.

If you have any questions about a loan program or product, contact the Clay City Banking Company at (618) 676-1511 or The Flora Banking Company at (618) 662-8000 or The Louisville Banking Company at (618) 665-4611.

Loan Services-Agriculture Loans

Farming is a vital segment of our local economy. The Clay City Banking Company has been helping farmers and their families for over 100 years with financing that is designed for farming needs. We pride ourselves on understanding the business of farming and can help you obtain the financing you need whether it would be to acquire equipment or breeding stock or setting up a line of credit to operate or purchasing additional real estate. We have a working relationship with outside agencies like FSA and Illinois Financing Authority (IFA) and are able to work with these agencies to secure the type of loan that best fits your needs.

To process your agriculture loan request, we will need the following items:

• Previous 3 years' tax returns;
• Agriculture financial statement;
• Cash flow to the upcoming farming year;
• Short plan outlining the proposed loan and needs.

Visit any location to obtain an Agriculture Financial Statement form.

If you have any questions about a loan program or product, contact the Clay City Banking Company at (618) 676-1511 or The Flora Banking Company at (618) 662-8000 or The Louisville Banking Company at (618) 665-4611.