Benefits of Personal Loans

Benefits of Personal Loans

Personal loans can provide the extra cash to fill a void in your budget. Whether you’re in need of some extra spending power, are looking to finance a large purchase, or looking to consolidate debt, a personal loan may be the cure to your financial pain.

Any Purpose

One of the great things about personal loans is that they can be used for almost any purpose. Planned expenses like a vacation, home renovation, or neglected repairs are all acceptable qualifications for a personal loan. However, things like a car, mortgage, or student loan have their own loans and loan terms and may not qualify.

Steady Rate

Many members choose personal loans because of the great steady rates. Personal loan rates are usually lower than credit card rates and they are fixed. This means that your rate and your payment won’t change during the repayment process.

Debt Consolidation

One popular reason members may opt for a personal loan is to consolidate debt. If someone has many credit cards with varying interest rates, a personal loan could allow them to pay off those debts and stick to one fixed monthly payment.

Borrow What You Need

It’s quite common for members to get personal loans in the amount of $10,000 – $20,000. If a member knows how much they will need, they can ask for that amount in the loan process. Personal loans are the perfect way to make sure that a member has the correct amount of funds they need for their purchases.

Fast Approval Process

The process of obtaining a personal loan moves fairly quickly. Many members receive an answer within a few days. If members are approved, the money can be deposited into their account for spending.

Eagle Federal

Our personal loans have low competitive rates to meet your needs. We have flexible payment options – monthly, bi-weekly, or semi-monthly. We offer simple interest loans with no prepayment penalties and debt protection. Visit our Personal Loans page for more information or Apply Online today.

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