Personal loans typically offer lower interest rates than credit cards. Swapping a higher interest rate credit card debt for a lower interest rate personal loan could be a good move, depending on your situation.
What Interest Rate Can I Get with a Personal Loan?
Just like any loan, the interest rate you can get with a personal loan may vary based on two factors: your credit score and the term. At WECU, for example, we offer (at the time this article was written) between 4.99% – 19.99%. APR.
How Long Can I Get a Personal Loan For?
Personal loan terms can range from one month to several years, depending on the financial institution’s parameters. Typically, if you select a shorter term, you’ll be able to get a lower interest rate. At WECU, the maximum term for a personal loan is 48 months.
Do Personal Loans Have Fees?
Fees vary based on the lender you choose. The most common fee associated with a personal loan is an origination fee. Typically, origination fees range between 1-8% of the total loan amount according to Credit Karma. The fee is determined by the amount of the loan, length of term, and your credit score. This amount is normally added to the overall cost of the loan, meaning you don’t have to come up with cash up front.
Other fees might include an application fee, late payment fee, returned check fee, check processing fee, and prepayment fee. There are no fees to obtain a personal loan at WECU!
How Much Can I Get with a Personal Loan?
Most often, you can only get a personal loan with a minimum loan amount of $1,000 according to GoBankingRates. WECU, however, has no minimum loan amount for personal loans and we’ll lend more than $5,000 depending on creditworthiness.
How Do I Speak with Someone at WECU About Personal Loans?
A WECU Loan Officer can speak with you about your options to see if using a personal loan is right for your situation. Our Loan Officers are able to walk you through your options and see what you can qualify for so you can compare that to the interest rate you’re paying on your credit card.
Give us a call at 360-676-1168.