Personal Loan Calculator

Short-term and payday lenders make promises of “fast cash,” “guaranteed approval” and no “credit check required.” But these loans can be outrageously expensive. Consider these alternatives:

• Advance from your employer: Your employer might be able to grant you a paycheck advance in an emergency.
• Credit union loan: Credit unions typically offer affordable, small, short-term personal loans to members. (One out of four Dupaco consumer loans is for $2,500 or less in 2022!)
• Emergency assistance programs: Many community organizations provide emergency assistance for weather-related emergencies. Explore resources here.
• Cash advance on your credit card: Credit card cash advances might be much cheaper than getting a payday loan. Learn how to request a Dupaco Visa credit card cash advance here.

Learn more about these options

Both types of loans allow you to spend the funds almost any way you choose. And both come with a fixed interest rate, making it easier to budget for your loan repayment. Here’s how the two types differ:

• Personal loans: These loans are unsecured. This means there is no collateral (or asset) backing up the loan. But as unsecured debt, these loans will likely have a higher interest rate than loans borrowed against an asset (or collateral). A higher credit score might help you earn a lower interest rate on a personal loan.
• Share-secured loans: These loans are secured using funds or deposits in your savings or term-share certificate as collateral. The rates on a secured loan are often lower since you provide collateral for your loan.

Whichever option you choose, you’ll want to make sure there are no early payoff penalties. (Hint: Dupaco does not charge application fees or early payoff penalties for our loans!)

With this type of personal loan, you can use your savings or term-share certificate as collateral. When you borrow with a share-secured loan, a hold is placed on the funds securing your loan. At Dupaco, you can borrow up to 100% of your available savings or certificate balance.

Absolutely! Share-secured loans can help you build your credit when you make your payments on time and in full each month. This type of loan is considered installment loan debt. Find out more about how to build your credit here.

Want one-on-one credit guidance? A free Credit History Lesson can help you learn how to establish or build your credit.

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Once you receive the loan, you’re able to use the money for almost anything, including:

• Paying for a recreational vehicle, like a boat or ATV
• Funding adoption fees
• Paying off medical bills
• Consolidating credit card debt
• Covering moving expenses
• Funding home renovations
• Paying for a dream vacation
• Funding a wedding
• Starting a small business
• Covering extra education expenses
• Paying for a large purchase