CHICAGO - First National Bank of Chicago launched an installment-loan campaign on Tuesday offering rebates of up to $300.
The "Lite Variable-Rate Loan" plan, offered through June 13, is priced off the prime rate but offers fixed payments. A final balloon payment reflects changes in the prime.
The installment credits - available for autos and boats and as unsecured personal loans - carry rates currently ranging from 6.9% to 12.4%. The program is the first in a series of installment-loan promotions and is available at about 70 branches in the Chicago metropolitan area.
