At Honor Credit Union, we love how unique our members are and we know that there is no one-size-fits-all solution. Personal loans are also known as unsecured loans because they don’t require collateral, which is used by lenders to recoup their money in the event of default – like repossessing a car, or foreclosing a house.
Sometimes all you need is a little help paying for the extra or unexpected things in life. Whether it’s for an emergency, school expenses, a vacation, auto repair, or just life in general, an Honor Credit Union personal loan can come to the rescue. A personal loan is a fixed rate over a predetermined period of time, just like a car loan. We can help determine what personal loan is right for you!
Reasons To Use a Personal Loan
One of the best ways to use a personal loan is to consolidate high-interest credit card debt. Some credit cards have interest rates at 20 percent or higher. While a personal loan still comes with interest, it is a great way to knock out a large credit card balance.
Example: Let’s say you have $10,000 in credit card debt at an 18 percent interest rate. If you consolidate that with a personal loan of $10,000 at a seven percent interest rate with a 24-month repayment plan, you could save $1,236 in interest.
Life happens and Honor Credit Union wants to help you every step of the way if you have a major unplanned or medical expense come up.
A sudden medical emergency could leave you facing a large health insurance deductible and/or co-payment requirement. A personal loan from Honor Credit Union can keep unpaid medical bills from going to collections. Borrowing a personal loan can help you avoid negative credit consequences from late or missed payments.
Maybe you don’t have a medical emergency, but rather a necessary preventative care expense, like a dental procedure that you didn’t budget for. Or, maybe your pet got into the garbage and had one too many mouthful of spoiled food and needs a late-night trip to the veterinarian.
There are many life events that come with major unplanned expenses. A flight across the country to visit a sick family member, an air conditioner or water heater that suddenly breaks, a phone or electronic device that falls in the water, and many other examples are reasons to use a personal loan.
Yes! A Share or CD Secured Loan might be the perfect option for you. They are good ways to either build credit, or borrow for a lower interest rate if you don’t want to deplete your assets.
If you have investments with Honor Credit Union, this loan may be for you. If an expense comes up, this loan will provide you a solution with a great rate using your savings as collateral so that you don’t have to touch your hard-earned investment. Keep in mind, the loan can’t exceed the amount of your share account.
CD Secured Loan
Similar to the Share Loan, the CD Secured Loan uses your CD as collateral for the loan. Also providing a solution for that expense without withdrawing from your CD, this loan can’t be more than the CD value and it matures the same day the CD matures.
Maybe your car unexpectedly broke down, or you just need a little extra cash for some expenses that can’t wait until your next pay day. Our Jump Start Loans and Single Payment Notes are great options to borrow money you know you can pay off in the near future.
Jump Start Loan
Our Jump Start Loan is a quick, smart and affordable answer to your payday loan needs! With our Jump Start Loan option, you’ll enjoy the same benefits as most traditional Payday lenders while receiving better interest rates and an extra savings benefit at the end of the loan term making our lending option smarter and more affordable for you. Regardless of your current situation, an Honor Jump Start loan can jump start you onto the right path for financial success today and away from the costly routine of Payday lenders!
Single Payment Note
A perfect short term loan option, Single Payment Notes are for 90-day periods and are terrific for that special project that has a definite, verifiable way to be repaid. You can renew them, but you must convert it to a regular loan with monthly payments if you don’t pay it off immediately.
We are here to help you through every step of the process. If you have questions, we have answers. Contact one of our team members today.Go to main navigation