Major purchases and life events: Whether you can’t get an auto loan or you plan to start a big home repair project, signature loans can help defray the costs of major purchases you’re unable to pay for all at once.Emergency or unexpected expenses: The speed at which borrowers can get a signature loan often makes it an ideal choice in the case of emergencies, medical or otherwise, that can strike unexpectedly.Debt consolidation: If you can secure a signature loan at a lower interest rate than you are being charged on your credit card debts or other loans, you may save money by consolidating your debt into one loan.What is a signature loan used for?Īs a type of personal loan, signature loans are used for a variety of reasons: People with higher credit scores may be offered a lower interest rate, while those with poorer credit ratings may be offered higher rates. Interest rates on signature loans also differ from lender to lender, and the interest rates are, in part, based on the credit score of the borrower. The terms vary from lender to lender and can range from anywhere between a few months to several years. Borrowers generally need to pay off these loans in full within a particular term with fixed monthly payments. Signature loans are different than secured loan options, like mortgages or auto loans, which require the use of an asset - a home or car, in these cases - as collateral. Sometimes called a “good faith” or character loan, it gets its name from the fact that lenders only use the borrower’s signature and a promise of repayment as collateral for the loan. Payment Example: 60 monthly payments of approximately $21.49 per $1,000 borrowed at 10.50% APR.A signature loan is a type of unsecured personal loan. Other restrictions may apply and rates are subject to change without notice. Loan term, loan to value (LTV) and/or down payment, for example, may vary based upon your credit history. Stated “rates as low as” apply to well-qualified applicants. Rates for approved loans are based on the applicant’s credit history. Loan Rates Below Effective: Octothrough October 31, 2022ģ6 month financing is available on loan amounts up to $14,999Ĥ2 month financing is available on loan amounts of $15,000 – $29,999Ĥ8 month financing is available on loan amounts of $30,000 – $50,000 Our knowledgeable and friendly loan officers treat you with the respect you deserve. HFCU provides fast loan decisions – usually while you wait. HFCU offers Credit Life & Credit Disability Insurance at a low cost. HFCU offers a fixed annual percentage rate on our unsecured loans. HFCU’s unsecured loans can be used for any purpose. These loan specials are great for paying taxes, taking a summer vacation, getting the kids ready to go back to school, and even to pay for holiday expenses! In addition to our regular signature loans, we also offer a signature loan special where you can borrow up to $2,500 with a term up to 18 months, at a rate equal to 1% off our standard signature loan rates. Our signature loans can be a much better choice. You may not want to withdraw funds from savings or put a purchase on a credit card offered by someone else at a higher annual percentage rate. Looking for a signature loan that you can use for just about anything? Our loans have low rates and better terms than many financial institutions dare to offer! If you need cash, you need it fast.
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