Best reasons to get a personal loan

A personal loan is an unsecured loan that you pay back in fixed monthly payments over a set period, called a term. A personal loan can be a convenient, affordable way to fund a one-time expense.

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The following is a list of circumstances that might leave you considering a personal loan.

Adding equity to your home: Some home improvements can make your home more valuable. Remodeling the kitchen, adding another bathroom, upgrading your HVAC or improving your curb appeal are all examples of home projects that could improve the sales value of your home. If you don’t have enough equity in your home to get a home equity loan or line of credit, a personal loan might be an option.

Consolidating debt: By using one personal loan to pay the balances on multiple loans and credit cards, you combine several monthly payments into one. Consolidating all those loan payments simplifies your budget; you may even save money if the interest rate on the personal loan is lower than the interest rate on the other loans. Consolidating your loans often reduces the amount of time it takes to pay off your debt, too.

Funding a milestone event: A milestone event might include a wedding, moving expenses, a graduation, a quinceanera or a dream vacation. While you don’t want to finance every vacation or party, getting a little help with your once-in-a-lifetime events can make the difference between an OK event and one you will remember.

Strengthening your credit score: If you have solid credit already but if it is mainly composed of credit card debt, adding variety to your credit history with a personal loan could be just the ticket. The kind of debt you have makes up 10 percent of your FICO credit score. It’s called “credit mix.” Borrowers whose history shows a mix of revolving credit and installment loans represent less risk to lenders. You can learn more about credit scores by reading our article, How your credit score is calculated. If you’re taking a personal loan to build credit, make sure you make all of your payments on time.

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Personal Loan rates
Effective Date: Friday, April 12th, 2024
Loan typeAPR (Low)*APR (High)Repayment terms

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Personal Loan 11.99% 19.24% Up to 36 months
Personal Loan 16.24% 19.24% 37-60 months
Payday Advance 27.00% 27.00% Up to 30 Days
Personal Line of Credit (PLOC)** 12.25% 21.00% $25 or 2.50% of the total balance, whichever is greater.
Savings-secured loans:
  • The APR is set at 3% above the secured savings account's earning rate. There is a minimum periodic rate of .013699% which equals an Annual Percentage Rate of 5.0%. The credit union may offer other rates in the future. We may be able to match rates from other lenders. All loans are subject to approval.
Certificate-secured loans:
  • The APR is set at 3% above the certificate's earning rate. Advances secured by credit union certificates are made at a rate based upon the earning rate of the certificate. The Periodic Rate and the Annual Percentage Rate are set at the time of the advance that is the earning rate on the pledged certificate, plus 3%. For example, if you pledge an account earning 5.00% your Periodic Rate would be .021918% and your Annual Percentage Rate would be 8.00%. The actual rate will be disclosed on the Disbursement Receipt at the time of the advance.

About these Personal Loan rates

* APR (Low) indicates the lowest annual percentage rate you may qualify for on the loan. The annual percentage rates shown in the table are reflective of a range of rates available. All loans are subject to approval. You may qualify for the lowest rates published depending upon your credit qualification, the amount financed, receiving a 0.25% APR reduction by maintaining an automatic loan payment each month and 0.25% APR reduction for qualifying for the Premier Member Merits category. The Member Merits rate discounts are subject to change.

** Personal line of credit is not eligible for the Member Merits or automatic payment decrease in APR. The Periodic Rate and corresponding Annual Percentage Rate for the Personal Line of Credit loan is calculated by adding a graduated margin (the margin is based on a risk based pricing tier) to the month end Prime Rate for the previous calendar month as published by the Federal Reserve. The Annual Percentage Rate will never be more than 18% or the maximum rate allowed by applicable law.

Payment examples

The following examples illustrate the expected monthly loan payments for members who qualify for the prime rate, premier member merit status and enroll in automatic monthly payments:

  • A $5,000 Personal (Signature) Loan with 11.99% APR for 36 months has a monthly payment of $166.04.
  • A $5,000 Personal (Signature) Loan with 16.24% APR for 60 months has a monthly payment of $122.23.
  • If you delete your automatic payment request or the credit union terminates your automatic payment request due to insufficient available funds, this interest rate may be increased by one-quarter of one percent (0.25%) for the remaining term of the loan. This rate change will be reflected on your credit union statement.

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