5 Ways to Use a Personal Term Loan this Summer

A personal term loan is a loan that can be used for any purpose. It is a short-term loan that must be repaid within a set amount of time and is easily taken out with only your signature. Thus, personal term loans may also be called signature loans. The interest rate on a personal term loan is usually lower than the interest rate on most credit cards and can be used to pay for all sorts of things.

Right now, you can borrow up to $10,000 at 9% APR* with our Anything Loan! You can use this loan for just about Anything! Talk to an RMLEFCU member service representative today to learn more.

Here are some of the popular ways our members at RMLEFCU utilize their loan.

Pay Off High-Interest Debt

If you have any high-interest credit card debt, a personal term loan can be a great way to pay it off quickly. Because the interest rate on a personal term loan is generally much lower than that of a credit card, you can save yourself a lot of money in interest payments by consolidating debts with a personal term loan.

Make a Large Purchase

If you’re planning on making a big purchase, like a new car, an appliance, or a piece of furniture, a personal term loan can help you finance it. Because the loan is paid back over time, you can spread the cost of the purchase over several months, making it more affordable.

Take a Vacation

Many members utilize a personal term loan to finance a vacation. Instead of having to pay for airline tickets, hotels, and other travel expenses all at once, you could spread the cost out over time. This can make a vacation more attainable and less financially stressful.

Pay for Unexpected Expenses

If you have an unexpected expense, like a medical bill or car repair, a personal term loan can help you cover the cost. Unfortunately, most Americans are still struggling to build solid savings accounts nearly two years through the coronavirus pandemic. Some 56% of Americans are unable to cover an unexpected $1,000 bill with savings, according to a telephone survey of more than 1,000 adults conducted in early January by Bankrate. This is where a personal term loan can really come in handy.

Build your Credit

Taking out a personal term loan is a great way to build credit without having to pay high interest rates. RMLEFCU even offers a specific loan to help members build credit called the Credit Builder Loan. Improving your credit can help you save money on interest payments and further build your credit history.

Personal Term Loans at RMLEFCU

We are proud to offer our Rocky Mountain Law Enforcement Federal Credit Union members competitive rates for a wide variety of personal needs from vehicle repairs and updates to financing a fun summertime family vacation. We have loans up to $20,000 with a variety of repayment terms available and Super Member rates as low as 9% APR*. Contact us today to begin your quick and easy application process!

* Annual percentage rate. With approved credit. Rates subject to change. Some restrictions may apply.