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First Horizon Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

First Horizon Corporation logo

First Horizon Corporation was the first nationally chartered bank in Memphis. During the American Civil War, it started out as the First National Bank and got its charter in 1864. Currently, First Horizon has almost $80 billion in assets and $60 billion in loans. They offer a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards.

Is taking out a personal loan from First Horizon a wise idea? To be honest, it all depends on your current financial status and what you require. Make sure you meet the personal loan eligibility requirements before applying. You must also calculate your EMIs (equated monthly installments) to ensure that it is within your financial means. Use the First Horizon personal loans calculator to help answer your questions like how long until your loan is paid off and what your payments would be.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

First Horizon Bank personal loans at a glance

First Horizon offers personal loans to meet almost any of your needs. Use the funds to pay for unexpected or planned expenses such as medical bills, car repairs, school fees, and more. Eligible borrowers can receive personalized loan options, competitive interest rates, and a quick approval process.

Here is a roundup of the key features and benefits of a First Horizon personal loan:

  • Loan amounts: minimum $2,000
  • Loan terms: 12-36 months for less than $5,000; up to 60 months for more than $5,000
  • Repayment frequency: fixed monthly payments
  • Loan options: with or without collateral
  • Turnaround time: 7-10 business days

Requirements for a First Horizon Bank personal loan

First Horizon Bank does not have a specific list of borrower criteria. However, most lenders expect loan applicants to submit documents related to the following requirements:

  • Proof of identity (driver’s license, birth certificate, social security card, passport)
  • Proof of residence (utility bill, lease or rental agreement, mortgage statement, property tax receipt)
  • Proof of employment for traditionally employed individuals (paystubs, W-2s and 1099s, employer statement)
  • Income verification for self-employed individuals or business owners (tax returns, bank statements, annuity statements)

 

First Horizon personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$20,000

Term

3 months

Change
First Horizon

First Horizon personal loans

First Horizon personal loans
Estimated Month Repayments
$837 Inclusive of fees
Interest Rate
28.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $20,000
Go to site
Whether you plan to purchase a new car, a boat or household items, we can help you design an installment loan that fits your needs.
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Wells Fargo

Wells Fargo personal loans

Estimated Month Repayments
$606 Inclusive of fees
Interest Rate
5.74%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$3,000
to $10,000
Go to site
Checking and savings accounts and credit cards for your everyday business expenses and cash management.
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Eastman Credit Union

Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments
$848 Inclusive of fees
Interest Rate
29.90%
APR
Repayment Period
12 months
to 12 months
Loan Amounts
$1,000
to $20,000
Go to site
ECU offers extraordinary products & services that make life just a little easier.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Pros and cons of First Horizon Bank personal loans

Pros

  • Fixed monthly payments
  • Easy online application

Cons

  • Borrowing limits not specified
  • Final rates undisclosed
  • Slow turnaround time
  • Do not offer pre-approval with soft credit pull
  • Charges an origination fee
  • Charges prepayment penalty
  • Charges a late fee

Frequently asked questions

What are the available loan amounts for a First Horizon Bank personal loan?

First Horizon Bank offers personal loans starting from $2,000.

How much can I borrow if I have no collateral?

First Horizon Bank offers unsecured personal loans of up to $15,000.

What are First Horizon Bank’s asset requirements for secured loans?

If the loan amount is between $15,000 and $50,000, there should be 12 months in asset reserves of the qualifying payment. If you wish to borrow higher than $50,000, the asset requirement should be equivalent to the loan amount.

What is the turnaround time for a First Horizon Bank personal loan?

You can find out if you are approved or not for a First Horizon Bank personal loan within 7-10 business days.

What are the loan terms for a First Horizon Bank personal loan?

If your First Horizon Bank personal loan is less than $5,000, you have between 12 and 36 months to repay the entire amount. If it is more than $5,000, the repayment period can be up to 60 months.

What number do I need to call to ask about personal loans from First Horizon Bank?

You can call 212.338.0400 to find out more about First Horizon Bank personal loans.

Video: First Horizon Bank – For every leap in life, there’s a bank that has your back.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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