Personal Loans

Whether you need extra cash for an unexpected expense, a large purchase, or a treat for yourself, personal loans are a fast, simple way to get what you need. Unsecured Loans are a flexible financing solution that offer manageable payment options and a relatively low fixed rate. For an even lower interest rate, check out our Deposit Secured Loan, which offers you the same benefits as our Unsecured Loans when you borrow against your own money. If you need cash in a hurry, don’t fall prey to payday loaners; check out our Payday Loan Alternative instead, which offers a fair rate and financial counseling to help you pay off your debt and avoid emergency borrowing in the future.

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Unsecured Loan

Whether your need for some extra cash is planned or unexpected, an unsecured personal loan with flexible terms and manageable payments may be just what you need. An unsecured loan can also help with debt consolidation. We strongly encourage you to meet with a Member Service Consultant to discuss your financial portfolio to see if a personal loan will help you meet your consolidation needs.


BENEFITS

Low Fixed Rate

LOW FIXED RATE

Flexible Terms

FLEXIBLE TERMS

Fast Turnaround

FAST TURNAROUND

Great for Purchases

GREAT FOR PURCHASES

An unsecured loan can also help with debt consolidation. We strongly encourage you to meet with a Member Service Consultant to discuss your financial portfolio to see if a personal loan will help you meet your consolidation needs.

Enter the amount you wish to borrow:

Term
up to:
APR
as low as:
Estimated
Monthly Payment
60 Months 9.90%

APR = Annual Percentage Rate. APR is effective as of 01/02/2017 and reflects the current minimum APR offered. The APR may be adjusted based on individual credit standing and term. Estimated monthly payment shown is based on a $10,000 loan. Other rates and terms may be available. Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.



Deposit Secured Loans

One borrowing option to consider when you need some extra cash is borrowing against money you already have with a secured personal loan. If you have a certificate or funds in your savings account that you don’t need access to for daily or monthly needs, you may borrow against that money to secure a flexible and manageable loan.

BENEFITS

Variable Rate

VARIABLE RATE

Flexible Terms

FLEXIBLE TERMS

Fast Turnaround

FAST TURNAROUND

Great for Purchases

GREAT FOR PURCHASES

Deposit Secured Loans are priced at 3% above the lowest dividend rate or interest rate you are earning on your money in your deposit account offered as security for the loan.The payoff amount of your loan will be held in your special savings or certificate account as security. With each payment, more of your held funds become available.

Type APR Terms Up To Monthly Payment
(per $1,000 borrowed)
Savings Secured 3.10% Up to 180 months $6.93
Certificate Secured 3% above certificate interest rate Up to 180 months $7.05

APR = Annual Percentage Rate. APR is effective as of 01/02/2017. An eighteen month certificate with an interest rate of .35% was used for the certificate secured payment example. The payment amount will change depending on the interest rate of the certificate securing the loan. Other terms are available. Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.



Payday Loan Alternative

If you need cash now to cover emergency expenses, our short-term Payday Loan Alternative could be the best option for you. This loan is an alternative to predatory payday loans, which often trap borrowers in an ongoing cycle of debt.

The Payday Loan Alternative is a fixed-rate loan of $520. This includes a $20 processing fee. Members qualify for this loan option if they:

  • Have been a member in good standing for at least five months,
  • Have been enrolled in direct deposit with VSECU for at least five months,
  • Have been employed for at least five consecutive months with the same employer,
  • Have not been denied for any consumer loan within the last 30 calendar days, and
  • Have not taken out more than two Payday Loan Alternatives within a 180-day period.

This loan option includes financial education through GreenPath, our financial wellness partners. Members who apply for a second Payday Loan Alternative must provide proof that they have participated in GreenPath financial education.


BENEFITS

Fair Rate

FAIR RATE

Payday loans can charge up to 400% APR*, making them difficult to pay off. This loan offers a 32% APY.

Financial Counseling

FINANCIAL COUNSELING

Financial counseling is included to help you establish new habits and avoid financial difficulties down the road.

Direct Deposit

DIRECT DEPOSIT

Your loan will be deposited immediately into your VSECU account, so you won’t have to wait to access your funds.

Min/Max Loan Amount: Processing Fee: Term: Interest Rate: Estimated Monthly Payment:
$520 $20 5 months 18% $109.50

*APR = Annual Percentage Rate. The 18% interest rate and $20 processing fee result in a 32% (APR). APR is effective as of 12/10/2019 and reflects the current minimum APR offered. All loans are for $520, which includes the processing fee. Estimated payment shown is based on a five-month term. Adding life and disability insurance will increase payment. Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly. A maximum of two loans are allowed per 180-day period. Payment by automatic transfer from a VSECU account is required.



Apply-for-a-loan
Our online loan application offers quick results, sometimes letting qualified applicants know of approval instantly.

If you are already a member and want to apply for a product online, it’s easier to apply once you’ve logged into our Online Banking system. That way we can save you time by pre-filling the application with the general information we already have on file for you.






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