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Personal Loans

A personal loan is an unsecured loan not backed by collateral. This type of loan is usually made for the purpose of debt consolidation, vacations, or the purchase of durable goods and is based on credit worthiness.

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Personal Line of Credit Loans

A Line of Credit (LOC) is a flexible way to obtain extra funds for things like home renovations, vacations, unexpected expenses, or even a big screen TV. You may withdraw any amount of funds up to the predetermined, approved credit limit - which is based on your personal financial situation and credit worthiness. Once you've paid it back, you can use it again and again without re-applying. You can access your Line of Credit via Call-24 telephone access service, home banking, or in person. Additionally, your line of credit can be set up to have automatic transfers that cover NSF check clearings up to your established limit.

Share Savings and Certificate of Deposit Secured Loans

A shared-secure loan or CD secured loan is a loan that is taken out by a borrower against the amount of money in his or her savings account or certificate of deposit, which can be used for unexpected expenses, debt consolidation, or any other reason.

Members may borrow up to the principal balance plus interest of their Share Savings or Certificate of Deposit. Maximum term for Share Secured Loan is 3 years. The maximum term for a Certificate Secured Loan is based on the certificate maturity.

For those with credit challenges, a share-secured or CD secured loan is a smart alternative when you need to borrow money. The low cost solution is a good strategy to rebuild your credit history and improve your credit rating while providing the funds you need. Your on-time payments will be reported to the three major credit bureaus just as traditional loan payments would be. By always making your payments on time, you will positively impact your credit score.

When should I use a Personal Loan and when should I use a Personal Line of Credit?

The differences between a Personal Loan and a Personal Line of Credit are simple:

Personal Loan: You receive all your funds at once.
Personal Line of Credit: You draw available funds as you need them.