Your signature is all it takes. No collateral, no surprises.
A Signature Loan is an unsecured personal loan secured by nothing more than your creditworthiness and your promise to repay. No collateral means no asset is at risk if your financial situation changes. The loan carries a fixed rate for a fixed term, so your monthly payment stays exactly the same from the first payment to the last. No prepayment penalties if you pay it off early.
Fixed rates. Fixed payments. No collateral.
Rates starting as low as 8.74% APR* with terms up to 60 months. A fixed rate means your payment never changes from the first installment to the last.
Signature Loan (closed-end loan)
| Annual Percentage Rate (APR) | Term (up to) |
|---|---|
| 8.74% | 12 Months |
| 9.24% | 24 Months |
| 9.24% | 36 Months |
| 10.74% | 60 Months |
A signature loan vs. a credit card. Here is the difference.
Same category, very different products. Here is how they compare and why it matters for your wallet.
Credit cards keep you in the cycle.
Every month your balance shifts based on what you spend and what you pay. Interest compounds on whatever you carry and there is no finish line unless you pay it off completely.
A signature loan has a clear end date.
You borrow once, lock in a fixed rate and make the same payment every month until it is done. You always know exactly what you owe and exactly when you will be free of it.
Already carrying credit card debt?
A Signature Loan can consolidate multiple high-interest balances into a single fixed payment at a lower rate. Less interest, less complexity and a real payoff date on the calendar.
How Fire Family members are putting signature loans to work.
Here are some of the most common ways our members put them to work.
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Consolidate high-interest debt into one payment. -
Cover unexpected bills and emergency repairs.
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Pay taxes or bridge a short-term income gap.
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Fund a home improvement without touching equity.
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Cover a move, a certification or new equipment.
Everything you need to know about signature loans.
What is a Signature Loan?
A Signature Loan is the credit union term for an unsecured personal loan. It requires no collateral. Your creditworthiness and promise to repay secure the loan. It is a fixed-rate, fixed-term installment loan with equal monthly payments.
How is a Signature Loan different from a Secured Loan?
A Secured Loan uses an asset, such as your savings account or share certificate, as collateral. Because the lender has collateral to fall back on, secured loans typically carry lower rates. A Signature Loan requires no collateral and is based on your credit profile alone, which generally means a slightly higher rate in exchange for not pledging any assets.
How is a Signature Loan different from a Line of Credit?
A Signature Loan is a closed-end loan. You receive a lump sum, make fixed monthly payments and the loan ends when it is paid off. A Line of Credit is open-ended. You draw from it as needed, repay and draw again. A Signature Loan is better suited when you know exactly how much you need and want a defined payoff schedule. A Line of Credit is better suited for ongoing or unpredictable expenses.
Is the rate fixed for the full term?
Yes. Your rate is locked in at the time of approval and stays the same for the life of the loan. Your monthly payment never changes.
Are there prepayment penalties?
No. You can pay off a Signature Loan early without any penalty.
Can I use the funds for anything?
There is flexibility in how you use a Signature Loan, though some restrictions may apply. Common uses include debt consolidation, unexpected expenses, home improvements, major purchases and covering short-term gaps.
Is there a direct deposit discount?
Yes. To qualify for the 0.50% direct deposit discount, a minimum of $1,000 per month in direct deposits for two consecutive months is required. If direct deposit is canceled, the discount may be removed.
* APR = Annual Percentage Rate.
Based on creditworthiness. APR requires full direct deposit. To qualify for the 0.50% direct deposit discount, a minimum of $1,000 per month in direct deposits for two (2) consecutive months is required. If direct deposit is canceled, the promotional rate discount may be removed. Some restrictions apply. Offer valid to qualifying members only. Loan rates are based on term and applicant credit history. All loans are subject to credit approval and are subject to the Credit Union policies and procedures. Rates are subject to change without prior notice.
Representative Example: A $5,000 Signature Loan financed at 9.24% for a term of 24 months would result in 60 monthly payments of $229.85.
For current rate information, please visit our Rates page.