Personal Loans
MEMBER: Summertime is so expensive! Between keeping the kids busy, paying for day trips and covering small home improvements, I’m drowning in extra expenses. How am I going to get through this?
CREDIT UNION: KeyPoint CU can help. We might have just what you need.
M: I don’t need another credit card. I’m sick and tired of paying crazy interest rates just for the privilege of swiping a plastic card.
CU: I’m talking about something entirely different. We offer our members a product that can help pay for extra summer expenses or special purposes.
M: I can’t take out a home equity loan or open a home equity line of credit either. Heck, I don’t even own my home.
CU: This is different. And it doesn’t depend on home ownership.
M: Well, what is it?
CU: It’s called a personal loan. We’ve designed it specifically for the type of things you’re describing.
M: OK. I’m intrigued. Tell me more about a personal loan? How does it work?
CU: A personal loan is a loan you get without having to have any collateral to tie back to. It provides you with a sum of cash that you’d pay back on a regular repayment schedule.
M: That sounds amazing. So, what’s the approval process like?
CU: Simply apply for a personal loan at KeyPoint CU. We’ll review your financial health before making a decision on your request.
M: So I bet I need to have a flawless credit score to get approved?
CU: Not at all! As a member of KeyPoint CU, you already have a head start on getting qualified for a personal loan. We’ll, of course, look to determine whether you can afford the monthly payments, but we’ll also work with you to help ensure it’s the right fit for you.
M: That sounds great! What about the repayment plan? Will I be hit with high interest rates like a credit card bill?
CU: Absolutely not. At KeyPoint CU, we are a member-owned cooperative. We work to reward our members, not stockholders. Our model allows us to pass on savings to our members by providing competitive interest rates on loans. You can view our current rates here.
M: Wow, that’s a lot lower than the interest I pay on my credit cards! I might actually be able to afford this.
CU: That’s great. Do you have any other questions about the repayment process?
M: Yes; what about the timeline? How long do I have to pay back this loan?
CU: Our personal loans generally have a 36-month term, but we can adjust that to 12 months if that better suits your needs.
M: And how big of a loan would I qualify for?
CU: That depends on several factors like your credit score, your debt-to-income ratio and your general financial health. Since a personal loan is not backed by an asset, like a home equity loan or an auto loan, your financial status will count a bit more toward determining your loan amount.
M: That makes sense. Now, let’s say I apply for a personal loan and I’m approved. Are there any restrictions on how I can use the money?
CU: Not at all. You’re free to spend the funds from your personal loan in any way you please.
M: What are some popular uses for personal loans?
CU: There are so many ways to use a personal loan! Some of our members use this loan to help pay for their wedding. Tying the knot can get expensive and no one wants to start off a marriage carrying debt they can’t afford to pay back.
M: That’s true. What are some other uses?
CU: A personal loan can also be used to fund a move to a new home. There are so many expenses involved in a household move, like the cost of moving supplies, paying the movers, outfitting a new home with furniture and more.
M: And a personal loan can help pay for all that? Wow!
CU: There are also many members who take out a personal loan to buy a recreational vehicle like a boat, ATV or RV. Some others use this loan to pay for the installation of an inground pool in their backyard.
M: Those are awesome ideas!
CU: Yes, they are. Other members take out a personal loan to consolidate their debt. They use the funds to pay off those high-rate credit cards you describe, and going forward, they only have one, low-interest loan to pay off each month.
M: That makes a lot of sense. What else?
CU: A personal loan can be used to pay for a non-essential medical procedure. Some people push these procedures off because they’re not covered by their health insurance provider. A personal loan can enable a borrower to finally get the procedure or treatment they want or need, like cosmetic surgery, dental work, fertility treatments and consulting with alternative practitioners about chronic health conditions.
M: A personal loan can pay for all that? That’s incredible.
CU: Yes, it is. And let’s not forget, a personal loan can be used to pay for a vacation.
M: You mean I might be able to take that dream vacation this summer after all?
CU: Yes! If you’re eligible to receive the amount of money you need to make that happen, it can actually become a reality.
M: Or, I can just use the funds to pay for all my summer expenses instead of blowing it on one over-the-top getaway.
CU: That’s right. The choice is yours.
M: OK, you’ve convinced me! Where do I sign up?
CU: I’m happy to hear that a personal loan from KeyPoint CU can help make your finances a little easier this summer. Stop by KeyPoint CU, give us a call at (877) 552-3004 to get started on your loan application or apply online at https://kpcu.com/apply. We’re always here to help make your dreams come true!