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Funds Borrowed (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Outstanding Balances of Funds Borrowed | The outstanding balances of funds borrowed were as follows.
|  | Payments Due for the Year Ending December 31, |  |  |  |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Thereafter |  |  | December 31, 2020(1) |  |  | December 31, 2019(1) |  |  | Interest Rate (2) |
Deposits (3) |  | $ | 393,835 |  |  | $ | 241,605 |  |  | $ | 190,387 |  |  | $ | 120,040 |  |  | $ | 121,955 |  |  | $ | — |  |  | $ | 1,067,822 |  |  | $ | 954,245 |  |  |  | 1.71 | %
Retail and privately placed notes (4) |  |  | 33,625 |  |  |  | — |  |  |  | — |  |  |  | 36,000 |  |  |  | — |  |  |  | 33,600 |  |  |  | 103,225 |  |  |  | 69,625 |  |  |  | 8.25 | %
SBA debentures and borrowings |  |  | 22,508 |  |  |  | — |  |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 14,000 |  |  |  | 21,500 |  |  |  | 68,008 |  |  |  | 71,746 |  |  |  | 3.36 | %
Preferred securities (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,000 |  |  |  | 33,000 |  |  |  | 33,000 |  |  |  | 2.35 | %
Notes payable to banks |  |  | 30,701 |  |  |  | 280 |  |  |  | 280 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,261 |  |  |  | 33,183 |  |  |  | 3.67 | %
Other borrowings |  |  | 500 |  |  |  | 7,442 |  |  |  | — |  |  |  | — |  |  |  | 747 |  |  |  | — |  |  |  | 8,689 |  |  |  | 7,794 |  |  |  | 1.91 | %
Total |  | $ | 481,169 |  |  | $ | 249,327 |  |  | $ | 195,667 |  |  | $ | 161,040 |  |  | $ | 136,702 |  |  | $ | 88,100 |  |  | $ | 1,312,005 |  |  | $ | 1,169,593 |  |  |  | 2.37 | %
(1) | Excludes deferred financing costs of $5,805 and $5,105 as of December 31, 2020 and 2019.
(2) | Weighted average contractual rate as of December 31, 2020.
(3) | Balance excludes $250 of strategic partner reserve deposits as of December 31, 2020.
(4) | Relates to loans held at Medallion Financial Corp. (parent company only).
Summary of Maturity of Broker Pools, Excluding Strategic Partner Reserve Deposits | The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of December 31, 2020.
(Dollars in thousands) |  | December 31, 2020 |
Three months or less |  | $ | 125,766 |
Over three months through six months |  |  | 117,602 |
Over six months through one year |  |  | 150,467 |
Over one year |  |  | 673,987 |
Total deposits |  | $ | 1,067,822 |
Summary of Key Attributes of Various Borrowing Arrangements with Lenders | The table below summarizes the key attributes of the Company’s various borrowing arrangements with these lenders as of December 31, 2020.
(Dollars in thousands)
Borrower |  | # of Lenders/ Notes |  | Note Dates |  | Maturity Dates |  | Type |  | Note Amounts |  |  | Balance Outstanding at December 31, 2020 |  |  | Payment |  | Average Interest Rate at December 31, 2020 |  |  | Interest Rate Index(1)
Medallion Financial Corp. |  | 5/5 |  | 4/11 - 8/14 |  | 2/21 - 9/21 |  | Term loans and demand notes secured by pledged loans (2) |  | $ | 19,734 |  | (2) | $ | 19,734 |  |  | Interest only(3) |  |  | 3.75 | % |  | Various(3)
Medallion Chicago |  | 2/23 |  | 11/11 - 12/11 |  | 2/21 |  | Term loans secured by owned Chicago taxi medallions (4) |  |  | 18,449 |  |  |  | 10,687 |  |  | $134 of principal & interest paid monthly |  |  | 3.50 | % |  | N/A
Medallion Funding |  | 1/1 |  | 11/18 |  | 12/23 |  | Term loan unsecured |  |  | 1,400 |  |  |  | 840 |  |  | $70 principal & interest paid quarterly |  |  | 4.00 | % |  | N/A
|  |  |  |  |  |  |  |  |  | $ | 39,583 |  |  | $ | 31,261 |  |  |  |  |  |  |  |  |
(1) | At December 31, 2020, 30 day LIBOR was 0.14%, 360 day LIBOR was 0.34%, and the prime rate was 3.25%.
(2) | One note has an interest rate of Prime, one note has an interest rate of Prime plus 0.50%, one note has a fixed interest rate of 3.75%, one note has an interest rate of LIBOR plus 3.75%, and the other interest rates on these borrowings are LIBOR plus 2%.
(3) | Various agreements call for remittance of all principal received on pledged loans subject to minimum monthly payments ranging from $12 to $85.
(4) | Guaranteed by the Company.

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