First State Bank and Trust

Did you know?  Approximately 47% of Americans consider moving to another place after their retirement.  There are many factors that you consider before making your decision of where, however, the greatest weight generally goes to the cost of living, overall healthcare quality, and taxes. Most people often think about a warm place to get away from winters but you’ll be surprised to know that people are choosing Minnesota to stay after retirement .  Why Minnesota For Retirement? Here are some of the reasons to choose Minnesota for your retirement: 1. Northern Minnesota Connection – The greatest factor of choosing Minnesota is its connection to the area already. Many of them have visited Minnesota as kids for vacations and have created many memories. The people love the nostalgia associated with being here.  2. Minnesota Healthcare – The financial burden of healthcare on aging residents can be a stumbling block. However, if you’re planning to choose Mi...

You buy a car with an auto loan and home with a mortgage loan. However, a personal loan can be a good option in various circumstances. As there is no collateral with a personal loan, the interest rate is higher for it. Here are some circumstances in which personal loan can be a good option for you.  When Are Personal Loans a Good Idea?  Let’s understand the scenarios when you can make the best use of personal loan.  #1. Consolidate credit cards  You can take a personal loan to pay off your maxed out credit cards. The personal loan will consolidate all the charges in one monthly payment. The interest rate of personal loans could be lesser than the annual percentage rates on your credit card.  #2. Improve your credit score  Credit score plays an important role in mortgage and auto loans. To improve your credit score, you can always apply for a personal loan. Pay off your credit card debt with a personal loan that will improve ...

“A personal loan can improve your credit scores in the long term as long as you consistently repay the debt on time.” Your credit score gets affected when:  You apply for a personal loan. You shop for a personal loan. You regularly repay your personal loan. Miss a loan repayment Consolidate your debt Applying for a personal loan A personal loan application triggers a hard credit check that can temporarily lower your credit scores. A hard credit check is an evaluation of your credit history. This evaluation knocks off approx. five points from your FICO credit score. Overall, new credit applications account for about 10% of your credit scores. This inquiry typically stays on your credit report for two years but only affects your score the first year.  Repaying your personal loan Consistent and on-time payments toward your debts improve your credit in the long-term. Your repayment history forms up to 30% of your credit score. Therefore, it is very im...

Having a bank account in the US means you can deposit your financial aid awards, loans, and stipends—all of which are typically paid by check or through net banking.  Why You Should Have a U.S. Bank Account?  With a US Bank Account, you may access your money freely and avoid whopping international fees while you’re in the US US bank accounts basically earn more interest Shopping and paying your other bills get easier Types of Bank Accounts  Savings Accounts – These are long term deposit accounts with accruing interest. The minimum balances, interests, and service fees vary from bank to bank. If you’re an international student, you probably don’t need to open a savings account.  Checking Accounts – Checking accounts are best for international students. This account allows you to frequently deposit and withdraw money. When you open a checking account, you get a checkbook and a bank card, allowing you to pay your bills through checks or onl...

What is a personal loan? Personal loans are loans in which you borrow a fixed amount of money from the lender and pay it back with interest in monthly installments over the life of the loan. The personal loan time period may vary from 12 to 84 months. Your account will be closed once you pay your loan in full. You can apply for a new loan if you need more money.  Types of personal loans- There are two types of personal loans: · Secured loans · Unsecured loans  Unsecured loans don’t need any collaterals. Your financial history is checked to approve your loan. Secured loans are backed by collateral, such as a savings account or any other asset. If you’re unable to pay your installments on time, your lender typically has the right to claim your asset as payment for the loan.  Interest rate and other fees  Interest rates: Interest rate may vary from 5-36%, depending on your credit history and your lender. In general, the less...

Here are some of the credit cards that were in demand in the year 2018. We've outlined these credit cards with their key features. Journey Student Rewards from Capital One Journey Student Rewards from Capital One offers cash back of 1% on all your purchases. If you pay on time, it can boost your cash back to 1.25% for that month No annual fee and no foreign transaction fees for this card Paying your first 5 monthly payments on time can improve your credit line $0 fraud liability if your card is ever lost or stolen You can pick the monthly due date as per your choice  OpenSky Secured Credit Visa Card  No credit history check is done  Credit line improves within 5 months of usage, if a card is used responsibly  Your refundable* deposit becomes your credit line limit on your Visa Card Minimum security deposit is $200 You can make your credit card payment by check, online, or at a local branch  No hidden charges It’s available at $...