Personal Loans
How much will your Personal loan payment be each month?
All loan approvals are based on standard loan underwriting guidelines and credit-scoring benchmarks. Actual rate may vary based on credit score, and/or surcharges, and loan term.
Personal or Signature Loans
Unsecured loans can be used for almost any use. They are also called signature loans or personal loans. These loans are often used by borrowers for small purchases such as computers, home improvements, vacations, or unexpected expenses.
- No Collateral is necessary
- Decision is based on your credit profile
- Can be used for almost any use, from a new computer to major home improvements
- Fixed term loan with regular monthly payments
- Members may borrow amounts based on creditworthiness and income, for a maximum term of five (5) years
- Money received quickly and in a lump sum
- Skip-A-Payment is available
Debt Consolidation Loan
Start the new year off by consolidating debt. Pay off current loans with an Essential debt consolidation loan. Save time by making one monthly payment, instead of several payments to several loans and save money with one low fixed rate rather than high, variable, compounding interest rates. PLUS, pay nothing for 3 months! Get out of debt faster with an Essential Debt Consolidation Loan.
- Fixed rates as low as 9.95% APR*
- Finance up to $15,000
- 90 day no pay*
- Up to 60 month terms
*APR = Annual Percentage Rate. Consolidation loan special only available during promotional time period. 90 day no pay is only available on consolidation loan special depending on credit score. Interest will accrue beginning at closing of the loan. Limited time offer. All loan approvals are based on standard loan underwriting guidelines and credit-scoring benchmarks. Actual rate may vary based on credit score, and/or surcharges, and loan term. Offer does not apply to loans currently financed with the credit union. Cannot be combine with any other offer. Loan discounts cannot be applied.
Ready Cash
We know cash is an essential part of life, and sometimes we need it immediately. That’s why we offer Ready Cash. Ready Cash helps you cover small, unexpected expenses allowing you to stretch your buying power. Ready Cash is a safe and quick way to buy the things you need now.
- Borrow up to $1,000*
- No credit check
- 6 month term
- Establish credit
- Free financial education from BALANCE
Ready Cash is also intended to establish and re-establish credit for members since Ready Cash payment activity will be reported to all three major credit bureaus. While improving your credit, you will also benefit from free financial education through our online resource, BALANCE. Are you ready for Ready Cash? Call 888.369.2207 or visit any branch to apply.
*Initially borrow up to $500. Once you have successfully paid off a Ready Cash Loan, you may then borrow up to $1,000. See MSR for more information.
Secured Loans
When a borrower uses collateral to ensure payback, we classify that loan as a Secured Loan. The collateral may be a home, a vehicle or even money held in a Share Certificate or savings account. Essential has many secured loan options available to our members and a variety of loan repayment options.
Secure your loan with a savings or certificate account, or the stock you own, to receive lower rates and favorable terms.
SHARE SECURED LOANS
- Essential may lend up to 100% of the balance of a savings or Share Certificate account.
- Loans secured by shares may be financed up to 5 years while loans secured by Share Certificates are payable upon maturity of the certificate, and may be renewed if the certificate pledged as collateral is also renewed.
- Single payment loans secured by savings or Share Certificates may be refinanced upon payment of accrued interest.
- Call an Essential Member Service Representative for current rates.