Life can sometimes take interesting turns. These turns, whether expected or out of the blue, have the potential to come with quite a hefty price tag attached. When situations like these arise, a personal loan from Purdue Federal Credit Union could be just what you need to help. Personal loans can help make it possible to navigate financial challenges while you work to get everything squared away and back on track.
“Personal loans are the product that is least known to consumers,” said Nikki Gaylord, Purdue Federal Vice President of Lending. “Credit unions are the best place to obtain this type of loan because credit unions offer lower rates and no fees or prepayment penalties.”
Purdue Federal offers secured and unsecured personal loans with a variety of payment options depending on what works best for your situation. An unsecured loan doesn’t require a collateral loan but will normally have a higher rate, while a secured loan, as the name implies, can be made secure with collateral such as savings or a vehicle.
“There are no prepayment penalties, and we offer low fixed rates. We can offer 24 to 60 month terms and payments can be set up bi-weekly, monthly, or semi-monthly to coordinate when paychecks are received. This allows for great flexibility. There are no closing costs, and the loan servicing stays with Purdue Federal,” Gaylord said.
Both types of loans can then be used for most any circumstance, so whether you’re dealing with debt, car troubles, a vacation, new furniture, or anything in between, there’s no reason to fret – these obstacles are more than manageable with Purdue Federal in your corner.
Getting a personal loan at Purdue Federal is also a very simple process.
“A personal loan has a quick turn-around time from application to close. At Purdue Federal, the maximum rate we can charge is 18%, and again there are no prepayment penalties,” Gaylord said. “Again, these loans can be used for just about anything.”
To get started, you’ll first need to know how much you plan to take out for the personal loan. At Purdue Federal, the minimum amount for any personal loan is $1,000, and the maximum is $20,000 for unsecured personal loans.
An application is also needed to receive a personal loan from Purdue Federal. To fill out an application, you can give your local Purdue Federal branch a call, go online to purduefed.com, or visit a branch in person to get started. You’ll need personal information such as your name, address, phone number, employment information, debts that do not report to credit reporting agencies, purpose of the loan, etc.
“Purdue Federal will pull a credit report to obtain all debt that is reported to the credit reporting agency. There are times that we may need to review verification of income such as a paystub, W-2s, or a tax return,” Gaylord said.
Should any questions arise in the process, or if you’re interested in learning more, Gaylord noted anyone at any of the credit union’s branches will be more than happy to lend a hand.
“If there are questions throughout the life of a loan, someone can easily talk to a person either in any branch location or through our contact center,” Gaylord said. “The application and approval process is simple and straightforward, and once approved the loan funds can be deposited directly into the member’s Purdue Federal checking or savings account for easy access.”
The contact center can be reached at (800) 627-3328 Monday through Friday from 6am to 6pm and Saturday from 7am-11am CT.
For more information on Purdue Federal Credit Union, visit purduefed.com.
