What is a personal unsecured, closed-end loan? Aside from being a mouthful to say, it is a type of personal installment loan that is geared toward people with limited assets. Why is that such a good thing? Because you do not need to borrow against the equity in a home or hand over a car title to get extra money.
They are great loans for consolidating debt or for one-time expenses such as weddings, vacations or upgrading your personal computer.
Closed-End Loan vs. Credit Card
You may be thinking… why get a personal loan when you could just use a credit card that may have a lower interest rate?
If you can pay your credit card balances off quickly, a credit card may be the right option for you.
However if you tend to have a higher balance for a longer length of time, than a closed-ended loan may be a better option.
Yes, the overall interest rate may initially be higher with the personal loan. But the closed-end, set monthly payment feature makes it more appealing to credit scoring companies. Why? Because you are making scheduled monthly payments toward a specific amount of money for a specific length of time.
Where can you apply for this type of loan?
Nevada Federal Credit Union offers a Signature Loan that lets you borrow as little as $1,000 up to $10,000 for 12 to 36 months. You can apply online, over the phone or stop by anyone of our convenient neighborhood branch locations. Visit www.nevadafederal.org or call your area contact center for more details.
Las Vegas - (702) 382-4094
Reno/Sparks - (775) 827-3880, ext. 4634
Pahrump - (775) 751-9880, option 1