Personal Loans for Real Life

 Just about! Personal loans are flexible and be used for just about anything. People often use them for things like medical bills, debt consolidation, moving costs, home projects, travel, weddings or large purchases like a recreational vehicle. 

If you need cash fast, it’s tempting to turn to payday or short-term lenders. But those loans can be outrageously expensive. Safer options can include a credit union personal loan, credit card cash advance, paycheck advance from your employer or emergency assistance programs. These options are usually much more affordable and easier to manage over time.

Both let you use the money for almost anything and come with fixed monthly payments. The main difference is how they’re backed. 

A personal loan is unsecured, meaning it doesn’t require collateral, but it may have a higher interest rate. A share-secured loan uses your savings or term-share certificate as collateral, which often means a lower rate. With a share-secured loan, a hold is placed on the funds you’re using to secure the loan, and you can borrow up to 100% of that balance.

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

They can. Because share-secured loans are installment loans, making your payments on time and in full can help build or rebuild your credit history. It’s a popular option for people who are just getting started or working their way back after a few bumps.

Find out more about how to build your credit here. Or, request a free Credit History Lesson for one-on-one credit guidance here.