When most people think of personal loans, they typically think of a good solution for unexpected expenses. However, personal loans are oftentimes used for a variety of different situations—several of which can give you the helping hand you need to strengthen your financial situation.
Read on to find out more about what a personal loan is, how you can use it, and the personal loans we offer here at RMELFCU.
What is a personal loan?
A personal loan is a sum of money that you borrow from your local credit union or bank and agree to repay, with interest, over an agreed upon period of time. One of the best things about personal loans is that they usually have fixed interest rates, which means your monthly payments will stay the same from month to month. This makes budgeting a lot easier!
What do I do with the funds i receive from a personal loan?
There are a few different ways you can use your personal loan from the credit union to improve your financial situation.
Consolidate Debt: If you have several different debts with high interest rates (think credit card debt, medical bills, etc.), you can take out a personal loan with a lower interest rate and use it to pay off those debts. This will save you money in the long run because you’ll be paying less in interest overall.
Finance a Large Purchase: Purchasing something big—like a new car, home appliances, or your child’s school expenses—doesn’t have to be stress inducing. With a personal loan, you can buy what you need ASAP, and pay it back little by little.
Extra Cash Flow: Sometimes we all get in that financial situation where we’re simply looking for some extra cash flow each month to make the day-to-day grind a bit easier.
No matter how you choose to use it, a personal loan can absolutely help you improve your financial situation.
What are my personal loan options at RMLEFCU?
We have a few great personal loan offerings that we offer our members.
Personal Term Loan: With rates starting at 9.00% APR*, this loan is great for members who have a good credit score and are in need of a personal loan.
Credit Builder Loan: For members who are looking to boost or repair their credit score. The best part? No money is necessary to secure this loan.
Lucky for our members, both of our personal loan options offer competitive rates and a variety of repayment terms to choose from.
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If you’re looking for a way to get your hands on some extra cash without having to cut back on spending or dip into your savings, our personal loans are a great option to consider. Speak with one of our Certified Financial Counselors at (303) 458-6660 or drop by any RMLEFCU branch to discuss whether a personal loan is the right choice for your financial situation.
*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rate subject to change.