Signature Loans

A signature loan, also referred to as a personal loan, can be requested for a variety of reasons and for a degree of amounts. You may need a signature loan if you are:

  • Consolidating debt
  • Planning for a vacation getaway
  • Making home improvements
  • Having an emergency with unexpected financial burdens attached
  • Paying for high medical expenses
  • Making a large purchase  (i.e. new appliances)

LRRCU offers three convenient types of personal loans:

Unsecured Loan

An unsecured loan is not tied to any asset. Therefore funds from other assets, such as a car or a home, cannot be recovered in the case of  default. A good example of an unsecured loan is a credit card. Other examples include student loans, home improvement loans, and personal lines of credit.

Share Secured Loan

Signature loans are available to those who have a strong credit score and financial history. However, in the case of a share secured loan, an individual who has bad credit can obtain a share secured loan which essentially uses your savings, or share account as collateral. Funds in the savings account can be used as payment if necessary.

Certificate Secured Loan

This loan is very close in nature to the share secured loan. With a certificate secured loan, funds are held in a certificate savings account, such as a money market account. Funds then accrue interest while in the account, offsetting interest charged for the loan.

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Unsecured Signature Loans Rates

Score12 Month APR36 Month APR60 Month APR
700+7.00%7.50%8.00%
650—6999.00%9.50%10.00%
600—64911.00%11.50%12.00%
< 59913.00%13.40%14.00%

APR = Annual Percentage Rate / DTI = Debt to Income Ratio
*Rates & Terms are Determined by Credit Score & Subject to Change Without Notice


With a Signature Loan through LRRCU you can expect:

  • Financing terms as long as 60 months
  • No Prepayment Penalties
  • Competitive rates [link]

Before applying for a signature loan be sure to:

  • Check to see if your credit score is up to par. Not sure? Find out for free at annualcreditreport.com or get your free credit review with LRRCU!
  • Can you afford the repayments? Bulk up your savings account!
  • Read more on loan preparation on our loans resources page.
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