Balloon loans have a short-term maturity but can be amortized for a longer term. Typically if the borrower has paid the loan as agreed, the loan can be renewed at maturity. The interest rate is fixed for the balloon term, however when the loan is renewed the interest will change to the present rate. Most balloon terms are 5 years.
Cleveland State Bank will never contact you and ask for any personal information. This includes your debit card number, online banking password, answers to your security questions, and your full social security number.
If you are suspicious, call us directly at 662-843-9461.
