Wailuku Federal Credit Union's fast and convenient personal loans are incredibly versatile – they can be used for just about anything you choose. They're perfect for specific purposes like repairing your car, paying for unexpected events, taking a needed vacation, or purchasing a new computer. For personal loans, Wailuku Federal Credit Union offers loan terms of up to five years with highly competitive rates.
Personal Debt Consolidation Loans (DCLs)
One of the most helpful uses for personal loans is debt consolidation. Debt consolidation is the process of combining your different bills into one – and lowering your interest rates and monthly payment amount in the process. Essentially, you'll secure a personal Debt Consolidation Loan (DCL) from Wailuku Federal Credit Union and, in turn, we'll assume your debt. Instead of paying your creditors, you'll pay Wailuku Federal Credit Union a single monthly payment, repaying the DCL.
Rates on DCLs are fixed and usually significantly lower than the rates offered by your creditors. At Wailuku Federal Credit Union, fixed rates on our personal DCLs are as low as 4.60%. Compared to credit card rates of 20-25%, this represents significant savings, sometimes thousands of dollars (!), that allows for lower payments and a faster end to your debt, which in turn will result in a substantial savings in interest cost.
By lowering your interest rates through consolidation, you'll be able to get out of debt faster and save a lot in interest costs – often as much as several thousand dollars.
In addition to helping you save on interest costs, consolidation can also help raise your credit score – perhaps even significantly. A higher credit score will result in lower interest rates in the future, and might also help you qualify for higher loan amounts.
Whether it's debt consolidation or another specific need, Wailuku Federal Credit Union has the personal loans to help. Find out more about personal loans from Wailuku Federal Credit Union.
Personal Lines of Credit
A personal line of credit is a fast and convenient way to cover surprise expenses. Once your line of credit is approved, you can easily access your funds by transferring from your line of credit to your checking account. This can be done online or through TouchBanking, our mobile banking platform. With a line of credit in place, you can eliminate the need to apply for a loan.
A personal line of credit may also serve as overdraft protection for your checking account which means that if you write a check, use your debit card or do a withdrawal from your checking account and have insufficient funds, funds will automatically be transferred from the line of credit to complete the transaction as long as you don't exceed your credit limit. It's easy to overlook how much you have in your checking account and a returned check due to insufficient funds can be very costly. A personal line of credit can help you avoid the cost and if you don't use it, you don't pay anything for it. In other words, if have an don't have an outstanding balance, you pay don't pay interest so it acts as an emergency source of funds just in case you need it.
Apply For Personal Loan Online
To apply for a loan, click here, select a loan type and complete the loan application.
Not currently a member? Please make an appointment to verify eligibility for membership. You must become a member of the credit union before your loan can be completed.