How is a Personal Loan Rate determined?
Just like most loans, the rate is first and foremost based on your credit score. Since personal loans are typically unsecured, that will make the rate higher than collateralized loans like auto loans or mortgages. The amount being borrowed and the term of the loan can also be factors in the rate of your personal loan.
A fixed rate credit union personal loan usually has a lower rate than a credit card. A credit union personal loan from Genisys Credit Union is an unsecured loan, meaning that collateral (like a car or some other tangible piece of property) is not required for approval.
Don’t let a slightly higher rate scare you away. Often a personal loan is a great option for an unforeseen event and a quick loan to have approved in a few short hours. Check out Genisys’ credit union personal loan rates.
Other Common Personal Loan Questions
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