Have you been thinking about whether a personal loan is right for you and your finances, but you’re not really sure where to start? Camino explains 3 frequently asked questions about personal loans and how getting one might facilitate your financial needs.
What Can a Personal Loan Be Used For?
One of the most convenient features of a personal loan is that you can use it for almost anything you want. Are you dreaming of going on vacation, paying for your child’s wedding, paying off high-interest credit cards and bills, a big one-time expense, or simply having extra spending money ready when you need it? Then it might be just the financing you and your family need to give you peace of mind.
How Will Applying for a Personal Loan Affect My Credit Score?
When you apply for any type of financing, including a personal loan, a credit check is made. It’s considered a hard inquiry on your credit report, which adversely affects your score, but usually only for a few months.
Once you receive your Camino personal loan, depending on how you use it, your credit score could increase. It can help build your payment history if you pay on time each month while also contributing to your credit mix since it’s a monthly installment loan. Plus, if you’re using it to pay off high-interest credit cards, it can reduce your credit utilization rate.
What Are the Different Types Camino Offers?
Camino offers two different types of personal loans: a share-secured loan and a signature loan.
- A share-secured loan is a secured loan that uses your deposits at Camino as collateral, which allows us to offer you a lower loan rate.
- A signature loan is an unsecured loan that doesn’t require collateral, so the terms are more limited.
Additional Benefits of Camino Personal Loans
- Low, competitive rates
As a not-for profit credit union, we’re able to offer comparably great low rates.
- Get paid in one lump sum
Receive your payment in one lump sum that gets paid upfront once approved.
- Enjoy a fixed interest rate
Receive a fixed low rate. You will know the exact amount you’ll pay back each month, so it’s easy to budget.
- Repay your loan on your terms
Since the repayment terms of your loan can be spread over a longer period of time, depending on your fixed loan agreement, you choose the monthly repayment term that works best for you, typically from 24 months to 60 months.
- Access funds as you like, easily online, by check, by phone, or in person
It’s your money; access it the way you want to. Whatever works best for you, enjoy the flexibility to conveniently access it.
- Local, East Los Angeles decision-making
Enjoy personalized attention from our local team of Member Advisors and fast decisions.
Want the Financial Freedom of a Personal Loan? Contact Camino Today!
Let Camino help you with your financial journey and help you better understand what to expect from a personal loan with us. We want our members to find the best loan and financing option that works for them and their specific needs. Camino offers a variety of loans to ensure you receive the right support for the reason you’re borrowing money. Each loan comes with different terms that help determine what you’re most qualified for. Please go online at caminofcu.org, give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information.