Activate the Earn More Feature
Earn 0.25% APY* on checking balances up to $100,000**ACTIVATE NOW
Personal loans are a flexible solution when you need money for just about anything. But just because you can use a personal loan for a new TV or luxury vacation, it doesn’t mean it’s a good idea. So how do you best use a loan that’s practically a blank check?
Funds from a personal loan are distributed in a lump sum to the borrower. The amount is then paid back with interest over the course of the loan term. That makes personal loans better for some uses than others:
Personal loans can be a great way to get cash when you need it, but they do have their drawbacks:
Please note that membership is required to accept a DCU Personal Loan.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.
*An interest rate of 0.25% will be paid on your daily balance up to and including the first $100,000.00. The Annual Percentage Yield (APY) for this tier will be 0.25%. Balances over $100,000.00 will not earn interest. The APY on balances over $100,000.00 will range from 0.25% to 0.03% depending on the total account balance. For example, a balance of $100,000.00 will earn an APY of 0.25% while a balance of $1,000,000.00 will earn an APY of 0.03%. Rates are variable and may change from time to time after the Earn More feature is added to an account. Funds earn interest from the first of the month in which the feature is activated. The feature becomes activated the first of the month following the month enrollment took place. The Earn More feature can only be added to one checking account per membership, excluding HSA Checking accounts. Fees or other conditions may reduce earnings. Rate is accurate as of October 1, 2021.
**Since Earn More is a sweep feature, eligible balances are automatically swept out to interest-bearing FDIC insured deposit accounts held at participating institutions throughout the country. You will still have access to your checking account funds.
Personal loans have become a more popular lending option than ever before. Combine that fact with the recent ups and downs of the economy, and you might find yourself wondering if a personal loan is right for you. If you’re new to personal loans, read on for answers to some frequently asked questions.
A personal loan is one of the most flexible borrowing options you have available. It can be used if you have to finance a car repair, a large purchase to make or if you need a little more money to pay rent this month. Whatever your reason, a personal loan can help put you in a better place. If you’re looking to apply for a personal loan, here’s what you can expect.