Affordable funding for life's expenses
When you need quick money to cover an unexpected expense, consolidate debt, or anything else life might throw your way, a personal loan from CU SoCal offers great rates, flexible terms, and no penalties or fees.
Rates
View All RatesThe payment amount displayed by this calculator is an estimate only and not an actual loan payment.
Key Advantages
Low minimum borrowing amount
You can get a CU SoCal Signature Loan with a minimum borrowing amount of just $500.
Flexible terms for any budget
Pick a monthly payment that works for your financial outlook with flexible loan terms up to 60 months.
No fees or penalties
As a not-for-profit credit union, our personal loans carry no fees whatsoever. Save money to use on more important expenses, like a dream vacation.
Get 24/7 access through Digital Banking
Access your loan, transfer funds, and make payments easily in CU SoCal's Digital Banking platform, available through desktop and Mobile App.
Learn More-
Technically, you can, but a personal loan isn’t a great option for purchasing a home or making a down payment in most cases. Instead, you’ll generally be much better off with a traditional mortgage.
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Yes, it is possible to buy a car with a personal loan. However, because personal loan interest rates tend to be higher than auto loan rates, buying a car with a personal loan is not always an ideal solution. More often than not, a traditional auto loan will be the far better option.
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From building credit to consolidating debt, personal loans can be financially advantageous. However, they can also lead to more debt and can negatively affect your credit score if you aren’t careful.
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Although it’s possible to get a personal loan with bad credit, people with bad credit should expect to pay a higher interest rate and fees to get the loan. Credit unions have more flexible lending requirements than banks, making it easier to get approved for a personal loan even with bad credit.
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Of all the factors determining your ability to borrow, credit score is one of the most important. While there’s no specific minimum credit score needed for a personal loan, you will get a better interest rate with a higher score.
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Personal loans come in a wide range of amounts, from $1,000 up to $100,00. However, those are extremes. Most lenders offer personal loans somewhere in the middle. The dollar amount of your personal loan will depend on several factors including your income and credit score.
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Yes, you can. Whether you’re looking to lower your monthly payment, get a lower interest rate, or reduce your loan term, refinancing your personal loan could be a good option. However, you’ll likely pay some fees, which may include a prepayment fee on your original loan. Note that CU SoCal does not charge prepayment fees on any loans.
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Getting approved for a personal loan depends on several factors, such as the lender’s requirements, your credit score, and the application process. In some cases, you might be approved for your personal loan the same day you apply; in others, it could take as long as a week.
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There are two types of personal loans, unsecured and secured. An unsecured loan doesn’t require the borrower to pledge any collateral to secure the loan. A secured personal loan requires an item of value (such as a car or house) or a savings account be pledged as collateral to “secure” the account.
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Money borrowed through a loan is not income, and therefore not taxable or tax deductible. So, for the most part, the interest paid on personal loans is not tax deductible. However, there are certain scenarios that allow for personal loan interest to be deducted on your taxes (e.g., business expenses, taxable investments, etc.).
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A personal loan will indeed affect your credit, but whether a personal loan will improve your credit score or not depends on your ability to meet your monthly payments and eventually pay off the debt in full. As long as you make your monthly payments on time, and in full, that personal loan will help build your credit score. However, making late payments or stopping payments altogether will harm your credit score, whether for your personal loan or on other debt that you have.
Take advantage of low rates and no fees
Personal loans from CU SoCal offer low rates, flexible terms, and no fees to help you stay on budget without requiring collateral. Get the funds you need with just a signature. Apply today!
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- APR=Annual Percentage Rate.
- Estimated payment per $100 for a 120 month term is $1.01.
- Estimated payment per $100 for a 60 month term is $2.16.
- Estimated payment per $100 varies based on certificate maturity and rate.
- Estimated payment per $100 is 3% of balance.
- Rate includes a 0.25% reduction for payroll direct deposit of $750 into a CU SoCal Checking Account and a 0.25% reductions for having an Automatic Loan Payment set up from a CU SoCal share account. Members may combine both discounts for a total maximum discount of 0.50%. Rate may adjust if you discontinue direct deposit/payroll or payment transfer. The above discounts are one time, and only apply at time of origination.
- $10 annual fee if line is not used within 12 month period.
- The rates and terms above are effective as of 11/22/2024 and are subject to change without notice.
Personal loan rates
| Program | Term | Min APR | Max APR | Maximum loan amount | Estimated Payment Per $100 |
|---|---|---|---|---|---|
|
Program:
Share secured3,4 |
Term:
Up to 120 months |
Min APR:
3.95% |
Max APR: |
Maximum loan amount:
95% of balance |
Estimated Payment Per $100:
$1.01 |
|
Program:
Signature loan 3,4 |
Term:
60 Months |
Min APR:
11.49% |
Max APR:
19.49% |
Maximum loan amount:
$30,000 |
Estimated Payment Per $100:
$2.20 – $2.62 |
|
Program:
Certificate secured 3,4 |
Term:
Maturity |
Min APR:
2.50% plus Certificate rate |
Max APR: |
Maximum loan amount:
Loan amounts up to 95% of the available certificate balance |
Estimated Payment Per $100:
Varies |
|
Program:
Line of credit 3,4Overdraft Protection |
Term:
Line of Credit |
Min APR:
11.49% |
Max APR:
19.49% |
Maximum loan amount:
$30,000 |
Estimated Payment Per $100:
3% of balance |
1. APR is Annual Percentage Rate 2. Payment factor based on maximum term. 3. Aggregate maximum unsecured loan limits (credit card and personal loans, not to exceed $50,000.) 4. Rate includes a 0.25% reduction for payroll direct deposit of $750 into a CU SoCal Checking Account and a 0.25% reductions for having an automatic payment to your loan. Member’s may combine both discounts for a total maximum discount of 0.50%. Rate may adjust if you discontinue direct deposit/payroll or payment transfer. The above discounts are one time, and only apply at time of origination. 5. The rates and terms above are effective as of 7/11/2024 and are subject to change without notice.
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