South Metro’s Personal Loans At Low Interest Rates

During the month of July, South Metro Federal Credit Union is promoting our personal loans to help you finance your future. Learn just what a personal loan is, what our bank can offer you, and what you can use your personal loan to accomplish.

What Is A Personal Loan?

You have probably heard about mortgages, car loans, boat loans, and lines of credit, but personal loans are something different. Personal loans are used to fund large expenses without requiring collateral, otherwise called unsecured. Sometimes life requires a chunk of change you just do not have. Personal loans can help with that!

Personal loans are typically somewhere between $5,000 to $40,000 and interest rates vary with each financial institution. At South Metro Federal Credit Union, we offer an unsecured personal loan with an interest rate as low as 8.99% during the month of July. Personal loans are installment loans: you receive the entire amount borrowed upfront and then you make fixed monthly payments, usually for terms ranging from 24 to 60 months.

What Are Personal Loans Used For?

The great thing about personal loans is that their usage is discretionary. Whatever large purchase coming up in your life that you need money for is valid. The most common use for personal loans is to pay off credit card debt because credit cards oftentimes have a much higher interest rate. Paying off a credit card with a 17.99% interest rate with money from a loan with a lower rate will save you thousands in the long run.


Another use for a personal loan is to consolidate debt. If you have payday loans, car loans, and student loans to keep track of, it can be advantageous to consolidate your debt into one loan with a fixed rate, fixed monthly payment, and closed term. It is also common for people to take out a personal loan to complete home renovations or finance their wedding. Sometimes life catches you off guard and you find yourself having to pay substantial medical bills or funeral costs. These are lots of reasons people opt for a personal loan.


A personal loan could be just the solution you are looking for. Our personal loans offer lower rates and fewer fees, allowing you the flexibility to finance anything life will throw at you. Stop in today to inquire about how you can take advantage of July's personal loan promotion.