Thinking about using a personal loan to help cover an expense? Our free personal loan calculator can help you see how much the total loan would cost—and how much you’ll pay each month. Here’s how to get the most out of our simple loan calculator:
- Start with the amount you’d like to borrow.
- Choose how long you’d like to repay your loan.
- Enter the interest rate you think you’ll qualify for.
Have questions? We have answers.
Our team of experts has answers to some of your most commonly asked questions.
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.
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!)
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.
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