There are many times in your life that you might want to consider taking out a personal loan for some extra money. This could be for vehicle repairs, a wedding, a family vacation, or medical bills just to name a few examples. Missouri Central Credit Union offers personal loans for times like these!
A personal loan is an unsecured loan that is not backed by collateral like an auto loan or mortgage. With a personal loan, you borrow a specific dollar amount that is given to you in one lump sum and with a fixed repayment plan and a fixed interest rate.
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There are many advantages to taking out a personal loan.
- Quick Decisions: It is very easy to apply for a personal loan and they are typically turned around rather quickly which could be imperative in the case of vehicle repairs or medical expenses.
- No Collateral is Required: A personal loan is an unsecured loan, so you do not have to provide any collateral like you would for a secured loan. If you are unable to maintain the terms of the loan, you risk damaging your credit score.
- Fixed Interest Rate: Many people use a personal loan as an alternative to paying for an unexpected expense with a credit card. Many credit cards have interest rates that can fluctuate and by utilizing a personal loan you can lock in a set interest rate and a set payment.
While personal loans can be of great benefit in many situations, there can be some disadvantages to them. If you use a personal loan to pay of consumer debt, such as credit card debt, there is a chance you could eventually max out your credit cards again. This would leave you with the loan payments on the personal loans in addition to the payments on the newly charged credit. Any time you take on additional debt it is important to make a careful decision that takes into consideration all options and possible outcomes.
The Best Rates on Personal Loans!
Missouri Central Credit Union offers some of the best personal loan rates around. Our low interest loans can give you the freedom to make some updates to your home, replace an appliance, or cover those unexpected expenses that life often throws at us!
Missouri Central Credit Union offers quick loans where you don’t have to deal with a lot of red tape! Each personal loan with Missouri Central Credit Union comes with:
- No application fee
- No prepayment penalties
- Your choice of payment date
- Payment protection plans at rates that can’t be beat!
Missouri Central Credit Union has member service representative available to discuss our personal loans with you and to help guide you through this financial decision. You can apply for a loan in person at our location in Lee’s Summit where a member service representative can help you decide on the best loan option or you can apply on our website. Our quick loan processing means you should have an answer quickly with the money to follow shortly after an approval!
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