Borrow up to $25,000 with fixed rates as low as 10.99% APR*. No minumum score requirement, we consider several factors for loan approval.
Unexpected expenses happen to the best of us and personal loans can be used for just about anything you can dream up: a destination wedding, a medical procedure, new home appliances, a bucket list vacation, or simply to consolidate debt.
Low personal loan interest rates and fixed monthly payments to help you design the life you want on a budget that is tailored to fit you.
Choose the best way for you. Give us a call and speak to one of our personal loan extraordinaires in Arizona. They can go into more detail and even take your personal loan application over the phone. You can also apply online from the comfort of your own home.
As with any type of credit, it’s always best to do a quick assessment of what your ultimate goals are with an unsecured personal loan and how it will affect your overall financial wellness.
It’s tempting to accept a loan offer for something you really want, but taking on unnecessary debt without understanding how it fits with your long-term financial plans can be risky.
You don’t want your monthly payment so high that you’re struggling to pay it, but you don’t want to stretch out payments too long and pay more interest than necessary.
For debt consolidation, you never want to pay off a lower interest rate loan or credit card with one that’s higher-interest unless it’s reducing your term enough to balance out the interest increase. Be sure to check loan rates and play with the numbers before you get a personal loan.
Decide on the maximum amount you need for your loan purposes, and don’t accept a higher amount just because it’s offered, unless it’s to pay down other debt and save you money.
A personal loan is a type of unsecured loan provided by financial institutions to individuals for various personal purposes. Often used as debt consolidation loans, they can also be used for specific expenses such as events, vacations, medical expenses, an emergency expense, or home needs.
A secured loan is a type of loan which is backed by collateral such as a home or car. An unsecured loan does not require any collateral, but loan approval and loan amounts will depend more heavily on personal factors such as credit score and generally carry higher interest rates than secured loans.
We look at multiple factors when reviewing loan applications such as income, credit score, credit history, debt to income ratio, and more.
Our decisions are not based on a minimum credit score, but rather a much broader view of your financial situation. Don’t fear applying because you think you may have bad credit or a low credit score.
The lending range for SunWest Credit Union personal loans are as follows:
Minimum loan amount: $500
Maximum loan amount: $25,000
Upon approval, funds can be issued via check, cash, or directly deposited into your SunWest Credit Union savings or checking account.
This depends on the financial institution; some use the terms interchangeably, and others just consider a signature loan a type of personal loan.
Personal loans with SunWest Credit Union are unsecured loans which do not require any collateral from the borrower, and it is a closed-end loan which has a defined repayment period with equal payments for a specific term.
Personal loans have a fixed amount, with fixed terms, and you recieve the money in a lump sum. You make regular, fixed payments over a set term. Best for specific or large expenses.
A personal line of credit is more similar to a credit card where you have a credit limit and can borrow up to that limit as needed. Interest rates are typically variable, and you only pay interest on the amount you draw, not the entire credit limit. Best for on-going needs or flexibility.
