Our personal loans include easy applications, fast decisions, and local loan servicing. You can use personal loan funds for a variety of purposes, from replacing a home appliance to going on a trip. A personal loan can keep your budget on track when you have unexpected expenses.
Royal offers both secured and unsecured personal loans. You'll get the funds you need as a one-time lump sum disbursement, with flexible repayment terms.
We can also provide secured and unsecured consolidation loans. A consolidation loan combines multiple debts from another financial or Royal into a single loan with one payment. Consolidation loans can reduce your monthly payments or lower your interest rate compared to your current debts.
Ways To Use A Personal Loan
Personal loans can be used for:
- Consolidating multiple loans into a single new loan
- Emergency expenses or medical bills
- Home improvements or other large purchases
- Education costs
- Weddings, vacations, or travel expenses
Unsecured Or Signature Loans
Understanding An Unsecured (Or Signature) Loan
- No collateral is needed for an unsecured personal loan
- Unsecured loans are simple to apply for
- Unsecured loans may be used for a range of purposes
- This type of loan is also called a signature loan
Understanding A Secured Loan
- A vehicle, motorcycle, boat, or RV is the collateral securing this type of loan
- Royal savings account or certificate funds can also be used as collateral
- Your equity in your vehicle (the amount it is worth minus the amount you owe on it) may be able to be used as collateral in a vehicle equity loan
- Rates for secured loans are lower than unsecured loans
- A similar loan option that uses your home as collateral is called a home equity loan
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