Traditional signature loan cash for any purpose
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Personal Loan Benefits
- Terms up to 60 months
- Competitive fixed rates
- Save with Relationship benefits and electronic payment
Please refer to Details and Rates tabs for additional information and important disclosures.
Thank you DCU for helping me achieve my financial goals and eliminate debt in 3 years as opposed to 10!
— Bkitten22, Ayer, MA
Personal Loan Details
- Terms up to 60 months – That helps keep payments affordable on larger loan amounts.
- Competitive fixed rates – Your rate and payment remain the same for the life of your loan.
- Save with Relationship benefits and electronic payment Save on rates when you qualify for Relationship benefits on your DCU Checking Account and make payments electronically (payment by transfer in Online Banking, Mobile Banking, Easy Touch Telephone Teller, DCU ATM, or internal DCU automatic transfers. Add 0.50% to rate for other payment methods.
Money-Saving Alternatives to Personal Loans
While a Personal Loan is convenient, it may not always be the most economical way to finance what you want to buy. Here are two money-saving alternatives...
- Borrow against your car If you have equity in your car, you can borrow against that equity with a DCU Auto Loan. The rates are much lower because you're pledging your vehicle as collateral on the loans.
- Borrow against your home If you have equity in your home, you can borrow against that equity with a DCU Mortgage or Home Equity Loan. The rates are typically the lowest available because you're pledging your home as collateral on the loans.
Personal Loan Rates
|Terms / Features||Our Best Rate*|
|Annual Percentage Rate||Estimated Monthly Payment
|Up to 60 Months||8.75%||$20.64|
Rates are effective .
*Rates are determined by your personal credit history, account relationship, and payment method.
APR = Annual Percentage Rate.
Ask your questions. Share your answers.
Depending on the amount you borrow, your credit rating and your income the length of your consolidation loan may vary. You wouldn't take a 1000 dollar loan for 10 years and income dependent you wouldn't normally take 10000 dollars for 1 year. Typically consolidation loans will not exceed 5 years. This is to help you eliminate your debts quickly but also because consolidation loans are unsecured and present a high risk to the lending institution as there is no collateral. Sit down and list out all of your debt and your monthly payments. Determine what a comfortable monthly payment would be. Are you just making the minimum payments on credit cards? If so your statement will tell you how long it will take you to pay off your loan. Also, look at your interest rate. Often a consolidation loan will have a rate much lower (possibly even half) than what you are currently paying. Compare these figures to what your loan payments would be. Often you can make the same monthly payment on a consolidation loan as you are to all of your credit cards and pay it off sooner because of this lower interest rate. The Calculator section on the website is very helpful in determining what your monthly payments on a loan would be. When you think a consolidation loan is a good option for you, go in to your local DCU branch or apply on line for the amount you need to pay off your current loans. It is not good to borrow money unless you NEED it. Indicate that you wish to consolidate your loans (indicate which loans as well( so your debt to income ratio is adjusted properly for the loan application. DCU would never lend you an amount you couldn't afford to borrow. While the loan is being reviewed (24-48 hours, faster in branch) collect recent statements of all accounts you wish to consolidate. DCU will take this information to mail out payoffs to each of your creditors on your behalf to pay off and usually close the accounts. Any over payment will be sent to you by that creditor (use this money to make a principle reduction on your consolidation loan to save on interest). You can expect a slight dip in your credit rating when you close accounts especially if you have had them for a long amount of time, however your credit will improve over time and you will be in a better financial situation and debt free before long. Be careful not to reapply for credit because you can get yourself back into trouble. Once you pay it off be done with it. Use the extra money to put into a savings account and save for your future. Take advantage of DCU financial who can help you with your financial planning needs. How do I know all this? I used to work for DCU! I am no longer employed their but I learned how to improve my financial health and still spread the knowledge. Good luck and keep working towards your financial wellness!
Hope that more than answered your questions, education is the most powerful tool you can have to be financial responsible.
Customer service was exceptional!!! They explained everything in detail to me and their responsiveness was amazing. I would recommend DCU for anyone looking for a loan.
— Lyn, Raleigh, NC
"Great Customer Service "
My experience with DCU has always been positive.The representatives are helpful and friendly. The process is very smooth and effortless.
— Peggy, Franklin, MA
Personal Loan Related Links
- Loan Calculator – Use these calculators to determine an approximate loan payment based on the loan amount (loan cash), term, and credit history standing. This helps you see if a loan will fit within your budget.
- StreetWise Guide to Credit – StreeWwise guide helps you understand how credit works, how to use it responsibly, how to know if you are having difficulty with it, and what to do if you are.
- Skip a Payment (.pdf format) – You have the option to skip a loan payment without impacting your credit rating.
- Calculate Finance Charges – Sometime members have questions about how Finance Charges or Interest on their DCU loan accounts are calculated. This information is designed to make the information in your loan disclosures a little easier to understand.
- Schedule of Fees and Service Charges – Details regarding member benefits that may help you avoid fees.
- Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.
- Loan Payment Method Authorization (.pdf format) – Use to have DCU set up electronic loan payments by transfer from your DCU savings or checking account. Note: you can set this up on your own with Online Banking Automatic Transfers.