Personal loans

A fixed interest rate stays the same throughout the loan term, making payments predictable. A variable interest rate can change based on market conditions, which means your payments may go up or down over time. The choice depends on your preference for stability or potential savings if rates decrease.

Taking out a loan can impact your credit score in different ways. When you just took out the loan, your credit score will temporarily drop but should go back up pretty soon provided that you keep up with the rest of the factors. Regular, on-time loan payments can help build your credit, while missed or late payments can lower your score. The loan amount and your overall debt level also play a role in how your credit is affected.

The right personal loan depends on your needs, budget, and repayment ability. Consider factors like loan purpose, interest rates, repayment terms, and whether you prefer a fixed or variable rate. Speaking with our Financial Services Officers can help you choose the best option.

Yes, you can pay off your loan early, but some loans may have prepayment fees or conditions. It’s a good idea to check your loan agreement or speak with one of our representatives to understand any potential costs.

Yes, you can still apply for a personal loan, even with a poor credit score. However, your approval chances and loan terms may depend on factors like your income, debt level, and whether you can provide a co-signer or collateral. It’s always a good idea to discuss your options with a BCU representatives.

Personal loan payments are calculated based on the loan amount, interest rate, and repayment term. Your monthly payment will include both the principal (the amount borrowed) and interest, spread out over the agreed loan period. Using a loan calculator or speaking with one of our FSOs can help you estimate your payments.