Choosing the best personal loan option for you
Credit Union of Southern California (CU SoCal) provides personal loans that can be used for a variety of purposes, including starting a business, paying medical bills, consolidating high-interest debt, or paying college tuition.
What are personal loans?
In short, a personal loan is money borrowed by an individual from a lending institution.
Personal loans can be secured or unsecured. A secured loan requires the borrower to pledge an asset as collateral to “secure” the loan.
CU SoCal offers two types of unsecured loans: a Signature Loan and a Line of Credit. No collateral is needed in order to get an unsecured personal loan.
CU SoCal offers two types of secured personal loans: A Savings Secured loan is secured using your savings account, and a Share Secured loan is secured using your Share Certificate (the credit union version of certificates of deposit) as collateral.
Which loan should you choose?
Signature Loan: Consider if you need a lump sum of money that doesn’t require collateral.
Line of Credit: Consider if you need access to funds that you can use as needed.
Savings Secured: Consider if you’d like a lower rate, and you’d prefer to borrow against the funds in your savings account.
Certificate Secured: Consider if you’d like to avoid early withdrawal fees and borrow against the funds in your certificate account.
How much money do you need?
Most people will choose a personal loan based on how much money they need. CU SoCal personal loans provide financing from $500 to $30,000.
Applying for a CU SoCal personal loan is quick and easy! Apply for a personal loan using the Quick Apply widget in Online or Mobile Banking, visit any branch, or call our Member Care Center at 866.287.6225.
