There you are with your financial statements and paperwork spread all around hoping your calculator will somehow come up with the magic number that shows your monthly budget is enough. It doesn’t have to be that way. Camino is here to help with information about how personal loans can help improve and your financial journey. Explore if a personal loan is right for you.
What is a Personal Loan and How Does it Work?
Personal loans provide borrowed money to help you with major purchases. They could also help with combing what you owe into one monthly payment such as, medical bills, emergency expenses, and to help keep your monthly budget in budget. At Camino, we’re able to offer you flexible terms and great rates.
Once you’re approved for your personal loan, you as the borrower receive a one-time payment of cash upfront. Then the loan will be paid back in regular monthly payments plus interest, similar to a credit card, but with a much lower interest rate. The loaned funds are repaid with monthly payments, which could be over months or years, depending what works best for you. Usually, the payments are at a fixed rate, so your monthly payment stays the same. The interest rate charged on a personal loan depends on several factors, such as your credit score, credit history, the amount owed, and the payback period.
Two Types of Personal Loans Camino Offers:
- Share-secured loans – With this type of loan, your deposits at Camino act as collateral, which allows us to offer a better loan rate.
- Signature loan – With this loan option, it doesn’t require collateral, so the terms depend on other considerations. Reach out to a Camino Member Advisor, with your questions.
Need help with determining if a personal loan is right for you?
Are your credit cards getting out of hand, reaching their max, and ruining your credit? With interest rates sky high, it might be a good idea to get a personal loan to combine your credit card and other debts. This type of personal loan combines your accumulated debts into one payment. Consolidating your debt could be a good starting point for lowering your monthly payments. You can figure out how much you need by adding up how much you need to pay off all your debts.
Is it time to optimize your financial journey with a personal loan? Let us help!
Meet with a Camino Member Advisor to See if a Personal Loan is Right for You.
Let Camino help you with your financial journey and help you better understand the benefits of a personal loan. Each loan comes with different terms that help you determine what you are best qualified for. We want our members to find the best option that works for them. 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