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Comerica Bank Personal Loans Review

We check whether the bank offers a viable loan product for those who need to borrow money.

Headquartered in Dallas, Texas, Comerica is one of the largest banks operating in the U.S. It was founded in 1849 and is one of a handful of banks to make it through the Great Depression. Comerica continues to grow, acquiring banks across the country. Most recently, it purchased Sterling Bank.

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Comerica offers services for personal banking, wealth management, and commercial banking.

Comerica Bank Personal Loans

Rather than provide a “one-size fits all” product for its customers, Comerica tries to create a loan tailored to your specific needs. To start the process, call Comerica at 800.589.1400. They’ll put you in touch with a relationship manager who will try to link your financial plan with a loan product that makes sense.

You can use Comerica personal loans for a variety of purposes. Here are some of the most common reasons customers get this type of funding:

  • Fund a major purchase
  • Consolidate high-interest debts, such as credit card bills, short-term loans, installment loans, etc.
  • Help pay off an unexpected expense

While some lending institutions are basically the embodiment of a risk assessment model, Comerica tries to set itself apart by working to help you meet your financial goals. The benefit of this will vary by customer. We recommend doing as much work on your part as possible to understand what you expect to get out of the loan. This research will come in handy as you work with the bank toward a manageable loan.

Why the Difference?

Comerica strives to build a relationship with each of its customers. It invites its clients to “raise your expectations.”

The company understands that when a customer has a long history with a bank, there is a certain level of expectation. The financing should be more personal than if the customer had walked in off the street.

Whether the bank can offer a personalized financial product is not guaranteed. Comerica has a risk assessment model, and some loan customers will not be accepted or prequalified for a loan.

Still, the company tries to offer friendly personalized service throughout the process.

Other Personal Banking Products from Comerica

Over at comerica.com/knowledge-center.html, you’ll find useful online tools that may help you better understand your account. The Knowledge Center has a video tutorial on web banking security that explains some of the fraud prevention features the website uses. You’ll also find account documents, financial literacy resources, and fraud awareness resources. Some of the articles in this section are for specific kinds of customers, such as college students, seniors, military families, and home owners.

Comerica Mobile Banking is an app (or you can use the mobile web browser version at m.comerica.com if you’re willing to miss out on a few features) available for iOS and Android that lets you check your balances, transfer funds, pay bills, transfer money to another person, and find a nearby ATM. One of the most useful features on the app is Click & Capture Deposit, which lets you deposit your checks through your phone. You can also use the app to sign up for Mobile Alerts, which can keep you updated on your daily balance and show you how it relates to your savings goal. You can even set it to let you know when a large withdrawal leaves your account.

Digital eStatements let you instantly access your last 24 months of bank statements, including your most recent statement. If you wish, you can turn off your paper statements and rely solely on the web portal.

Wealth Management

Advisors are on hand at Comerica to help you plot out solid financial goals. The reps can help you with cash flow analysis, asset allocation review, retirement considerations, estate considerations, and education funding.

The company publishes regular updates through its Weekly Market Overview, Economic Insights, and Financial Commentaries pages.

If you are interested in life, vehicle, property, or other types of insurance, the company’s insurance agents can help you get started.

Business Tools

You can use Comerica Integrated Payables Web to consolidate your small business’s various payment systems and processes. The service is compatible with the Comerica Commercial Card, check, ACH, and wire transfer. A company representative will help you set it all up.

Since this service is meant to save you time, if you’d rather not have to deal with the user interface, the company also offers a solution that directly transmits the necessary data from your back end.

Final Thoughts

Comerica is one of the biggest banks in the country. While it doesn’t offer the small-town charm as a credit union or a local bank might, it makes up that for with reliable, steady service.

The company’s personal loan option is meant to fit your needs. While the loan might not fit like a glove, it’s still nice to know you’ll receive one-on-one attention and support from an authorized company representative. If you ever have any questions throughout the life of your loan, the bank will always be there to help.

From what we can tell, this financial product may be a good fit for many credit customers who have access to it.