Signature Personal Loans
Cover unexpected expenses with a flexible personal loan
SCCU Signature Loans offer the convenience and flexibility of quick cash to be used for a variety of purposes. Also known as an unsecured loan, a signature loan is perfect for those moments when you need a little financial assistance to help you to your next life chapter.
Product Features
- Fast Approval Decisions
- Flexible Terms and Competitive Rates
- Free FICO® Score
- No Application Fee
- Free Online Banking & Mobile Banking60
- Account Alerts to Monitor Activity
| Limit |
Maximum unsecured credit of 3x your gross monthly income or $40,000 |
|---|---|
| Qualification |
Loans based on your credit quality and debt-to-income ratio |
| Payment Period | APR* |
|---|---|
| Up to 60 Months | As low as 12.50% |
Loan rates are subject to change. Your actual rate and terms are affected by your creditworthiness.
Payment example: For a $10,000 loan for 48 months at 12.50%, the monthly payment would be $267.24.
Frequently Asked Questions
SCCU makes the loan application process simple for our members—start your online application now. There are no application fees for SCCU personal loans and consumer loans, and you'll enjoy competitive credit union interest rates, free mobile banking and free online banking.
The maximum limits on personal loans are generally lower than secured loans that require you to put up collateral. Different lenders have their own limits, but your income and credit history will also determine the amount you will be able to borrow with a signature loan.
At Space Coast Credit Union, we offer personal loans with a maximum unsecured credit of 3x your gross monthly income or $40,000. Apply online now for fast approval decisions with no application fees.
The revolving credit provided by a credit card and a signature or personal loan are both a type of unsecured loan, since no collateral is needed to obtain either one. Although they have similarities, determining which is best for you depends upon your individual financial needs and goals. Here are a few advantages of each type of debt for borrowers who have good credit:
- A signature loan may be a good option if your goal is to consolidate debt that has a higher interest rate or finance a larger amount than a credit card will allow. It may also be the right choice for you if you will be able to make the monthly installment payments required for the specified term of the loan.
- A credit card may be better for you if you need a smaller amount of funds. If you are able to pay off your full balance every month to avoid interest charges and revolving debt, a credit card may be best for a short-term need.
Yes. Consumer loans also include secured personal loans, fixed-rate home equity loans, auto loans, student loans, credit cards, and home equity lines of credit (HELOCs).
Personal loans may be used for any purpose, such as debt consolidation or an unexpected expense. They are often a good option for borrowers who would like to finance smaller purchases or expenses for a relatively short period of time.
Unsecured personal loans as well as secured loans that are backed by collateral will appear on credit reports and possibly affect your credit score. In addition, when a lender obtains your credit report during the application process, a "hard inquiry" will appear on your report and typically lower your credit score by just a few points. Keep in mind that your credit score may be a factor in the interest rate you can qualify for on an unsecured personal loan.
The credit score a borrower needs to qualify for a personal loan can vary among different lenders. Borrowers with a credit score in the high 600s and above typically will be able to get an affordable interest rate, while borrowers who have scores above the low 700s are likely to get the best terms and rates. At SCCU, we offer personal loans with low credit union rates1, no application fees, and fast approvals. For the most up to date personal loan interest rates, please call one of these numbers:
- Brevard: 321-752-2222
- Broward: 954-704-5000
- Miami-Date: 305-882-5000
- All other areas: 800-447-7228
Because a signature or personal loan is unsecured by collateral, it's important for you to be able to meet the credit score requirement of the lender and have a good history of on-time bill payments. You will need to be able to show a stable income history and a positive debt-to-income ratio.
At Space Coast Credit Union, our signature loans have flexible terms, no application fees, and low credit union interest rates. Start our easy online application process now or contact us to learn more about all of your borrowing options with SCCU.
A signature loan is a type of personal loan or consumer loan that lenders offer to borrowers whose financial history qualifies them to use their signatures as collateral. Also referred to as unsecured loans because they are not secured by personal property, signature loans are based on a borrower's debt-to-income ratio and overall creditworthiness. The loans are installment loans, meaning the borrower receives a lump sum which is paid back in monthly payments.
These loans are popular with all types of borrowers, and offer fast approval processes and may be used for any purpose.
The basic difference between secured and unsecured personal loans is collateral. To qualify for a secured loan, you back it with a house, car or other type of asset which the lender can repossess if you default on the loan. When a loan is unsecured, it is not connected to an asset. For this reason, the maximum loan limit may be less than that of a secured loan and you may need to have a higher credit score.
A signature loan or unsecured loan is a type of personal loan. Other types of personal loans are secured loans that are backed by collateral, personal lines of credit, debt consolidation loans, and co-signed loans. Personal loans are most often fixed-rate loans, but variable-rate loans are also available.
Interest rates on personal or unsecured loans may be higher than loans that involve collateral. Space Coast Credit Union offers competitive credit union rates and flexible terms that may meet your needs. Contact us for information on today's signature loan interest rates.