Consumer Tips

Does Your Budget Need to Recover from the Holidays?

Ring in a new year free of financial stress. Find out if a personal loan could be right for you!

 

What is a Personal Loan?
  • A personal loan allows you to borrow a fixed amount (generally up to $50,000) that you pay back in monthly installments over the life of the loan (typically 12-84 months).

What can I use a personal loan for?

  • Consolidate debt.
  • Pay for unexpected expenses.
  • Finance projects and life events.

How am I approved?

  • The lender decides if you qualify based on your financial history and ability to afford ongoing payments of the loan.
  • Borrowers with the highest credit scores typically receive the lowest rates.
Interest Rates and Fees
  • Interest rates and fees can make a big difference in how much you pay over the life of a loan, and they vary widely from lender to lender.

What's a typical interest rate?

  • Rates typically range from around 5% to 36%, depending on the lender and your credit.
  • Some lenders charge an origination fee to cover the cost of processing the loan and charge a pre-payment fee if you pay off your loan early.
Who Needs a Personal Loan?
  • If you're looking to consolidate high-interest debt or finance a large expense.
  • It makes sense when it’s less expensive than other forms of credit, and you can comfortably afford the monthly payments.
  • If your situation has improved since taking out an original loan — such as your credit score improving or making more money. This could allow you to save money by taking out a new personal loan to pay off an existing loan.
  • Home improvements can also be a cause for a personal loan if it adds value to your home. Using a personal loan will help avoid using your house as an asset as well as increasing credit card debt.
How Will I Benefit from a Personal Loan?
  • It's one way to consolidate debt into a single payment and could allow you to pay off debt faster.
  • Interest rates on personal loans are typically lower than credit cards, and most personal loans are unsecured, meaning they don't require collateral.
  • Debt consolidation can help reduce missed payments to multiple creditors by consolidating to just one loan with potentially lower interest rates.

A personal loan can help you accomplish your financial and personal goals through available funds that are easy to manage based on your preferred term and loan amount. With the Union Plus® Personal Loan, you can take control of your financial future.

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This content was not written by a certified financial planner or advisor. It’s intended for informational purposes only and should not be considered legal, financial, or investment advice. Consult a professional to learn what financial products are right for you.