Personal Loans
Loans for all of life's expenses
We all need a little extra money sometimes. Whether you're looking to consolidate debt, fix up your house, or handle any other major expense, Consumers Credit Union offers personal loans with competitive rates.
Available as both secured personal loans and unsecured personal loans, these loans can be used for a variety of expenses that our other loans just can’t cover.
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- Share secured or unsecured personal loans
- No application fees for Consumers members and/or Michigan residents
- Fixed rates with term options
- No prepayment penalties
Two options for personal loans
Secured personal loans
Secured personal loans can be used for a variety of expenses, like vacations, debt consolidation or even paying for home renovations. Our secured personal loans offer competitive rates and a standard, convenient repayment plan–you just need to be a Michigan resident with a savings account through Consumers. (Not a Consumers member already? We can set you up when you apply!)
Unsecured personal loans
Unsecured personal loans are loans that can be used for any reason not covered by our other loan options and offer the same easy repayment options. As opposed to our secured personal loans, however, these loans require no collateral on the part of the borrower and may offer different rates. Contact Consumers today to find out what the best loan option is for you!
What is a personal loan?
Just like any other type of loan, a personal loan is a one-time payment of cash to a borrower. The difference with a personal loan is that these loans can be used for, well … just about anything! Personal loans don’t have the same restrictions on their usage as something like a mortgage would, which makes them a popular choice for borrowers who find themselves needing a quick infusion of cash for a planned or unplanned expense.
How does a personal loan work?
Personal loans, not unlike similar loans like auto loans or home loans, deposit a one-time lump sum of cash into your designated account. This loan is then repaid over time through regular monthly installments until the entire balance is repaid (which is typically the initial amount of the loan, plus whatever interest is added).
However, the difference between these loans and other types of loans is that a personal loan can be used for just about anything you want! There are many fewer restrictions on how personal loans can be spent, as opposed to something like an auto loan or a home loan that has a designated purpose, which makes them popular for smaller and/or more unexpected expenses.
What can I use a personal loan for?
Personal loans can be used for just about anything, but a few of their more popular uses include debt consolidation, vacation planning/payments, home renovations and more! In a lot of cases, personal loans can even be a way to pay for those unexpected expenses that we all encounter without having to dump them onto a credit card.
How do I apply for a personal loan?
Consumers makes applying for a personal loan easy! If you’re a Michigan resident, all you have to do is apply online using our easy form or visit one of our office locations to get started!
Not a Consumers member yet? No problem. We can work your membership into the loan application process! Contact us today!
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