Personal Loans
We offer personal loans with flexible terms to meet your needs and keep your budget balanced
Call us at 800-341-9911 or visit an office
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. You'll get the funds you need as a one-time lump sum disbursement, with flexible repayment terms.
A personal loan can also be used as a consolidation loan. 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
Personal Loan Rates
Borrowing limits apply to personal loans: $700 or lower loan amount cannot exceed 25 months; $700.01-$1,400 loan amount cannot exceed 37 months; and $1,400.01-$2,000 loan amount cannot exceed 49 months.
Understanding A Personal Loan
- No collateral is needed for a personal loan
- Personal loans are simple to apply for
- Personal loans may be used for a range of purposes
- This type of loan is also called a signature loan or unsecured loan
Frequently Asked Questions
What is a personal loan?
A personal loan is a lump sum loan, meaning you receive your funds all at once as a one-time disbursement and make monthly payments until the loan is paid off. A personal loan is also known as a signature loan or an unsecured loan - no collateral is needed and you borrow based on your credit score, making it simple to apply for.
What can I use a personal loan for?
Personal loans can be used for a wide variety of purposes, including:
- 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
Can I use a personal loan for debt consolidation?
Yes! Consolidating multiple loans into a single loan with one monthly payment is one of the most common uses for a personal loan. Many types of debt can be consolidated into a personal loan, including auto loans, recreational loans, other personal loans, and credit card debt.
What loan options does Royal offer if I have collateral?
If you own a vehicle with equity, an auto loan would allow you to leverage that value and put the funds toward whatever you need.
Homeowners can access the equity in their property with a Home Equity Line of Credit (HELOC). With a HELOC, you have reusable access to funds that you can use for nearly any purpose, with no annual fees or service fees. You can borrow what you need, repay it, and draw from it again during the draw period.
Helpful Tools
Need help with the numbers? Try one of these calculators below.
How To Get Started
We offer many easy ways to open an account with Royal Credit Union
Apply Online Now
Complete our easy online application and get a decision fast.
Visit An Office
Instead of applying online, schedule an appointment at an office to apply.
Need Help?
If you have questions or need help, call our lending team at 800-341-9911 or visit our contact page.
