Skip to content
  • Refer a Friend
  • Find an ATM
  • Resources
  • Support
PSECU Logo
  • Explore Our Rates

    See today's checking, savings, certificate and individual retirement account (IRA) interest rates

    Have questions? Browse our FAQs
    • Account Types:
      • Checking Accounts
      • Savings Accounts
      • Certificates
      • Individual Retirement Accounts (IRAs)
    • Banking Services:
      • For Students
      • For Youth & Parents
      • For Businesses
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Overdraft Services
        Check out PSECU's approach to overdraft services and fees
      • Understanding Money Market Accounts
        Learn how you can increase your savings with greater dividends
  • Explore Our Rates

    See today’s credit card rates

    Have questions? Browse our FAQs
    • Card Types:
      • Classic Card
      • Founder's Rewards Card
      • Penn State Alumni Cards
      • Secured Visa® Card
      • Business Credit Cards
    • Card Services:
      • Balance Transfers
      • Card Comparison Guide
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Benefits of Using Your Credit Card
        Discover how responsible use can offer distinct advantages
      • Is a Balance Transfer Right for Me?
        Find out how consolidating can simplify your finances
  • Explore Our Rates

    See today’s auto loan, home equity product, mortgage, and personal loan rates

    Have questions? Browse our FAQs
    • Home & Auto:
      • Mortgages
      • Home Equity
      • Auto Loans
    • Personal & Business:
      • Personal Loans
      • Student Loans
      • Business Loans
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Paying Your Loan
        See your loan payment options
      • Debt Consolidation
        Save money, simplify your budget and reduce stress
  • Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
    • What We Offer:
      • Investing
      • Insurance
      • Auto Warranty
    • Quick Links:
      • Set Up a Free IRA in Pennsylvania
        Checkout out this six-step guide to start reaping tax benefits
      • Missing Out on Insurance Savings?
        Get tips on how to spot savings in your insurance coverage
  • Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
    • Is PSECU Right for You?:
      • What's Digital-First Banking?
      • How We Serve Our Members
      • All Member Services
    • Quick Links:
      • Level Up Your Banking
        Earn up to $300 when you join PSECU and meet promo requirements
      • New Member Support
        Get the guidance you need to take control of your account
      • The PSECU Scholarship
        Find out how to apply, and meet the latest scholarship winners
Login
PSECU Logo
Login
  • Checking & Savings
      • Checking Accounts
      • Savings Accounts
      • Certificates
      • Individual Retirement Accounts (IRAs)
      • For Students
      • For Youth & Parents
      • For Businesses
      • Calculators
        Estimate payments, set savings goals and more
      • Overdraft Services
        Check out PSECU's approach to overdraft services and fees
      • Understanding Money Market Accounts
        Learn how you can increase your savings with greater dividends
    Explore Our Rates

    See today's checking, savings, certificate and individual retirement account (IRA) interest rates

    Have questions? Browse our FAQs
  • Credit Cards
      • Classic Card
      • Founder's Rewards Card
      • Penn State Alumni Cards
      • Secured Visa® Card
      • Business Credit Cards
      • Balance Transfers
      • Card Comparison Guide
      • Calculators
        Estimate payments, set savings goals and more
      • Benefits of Using Your Credit Card
        Discover how responsible use can offer distinct advantages
      • Is a Balance Transfer Right for Me?
        Find out how consolidating can simplify your finances
    Explore Our Rates

    See today’s credit card rates

    Have questions? Browse our FAQs
  • Loans
      • Mortgages
      • Home Equity
      • Auto Loans
      • Personal Loans
      • Student Loans
      • Business Loans
      • Calculators
        Estimate payments, set savings goals and more
      • Paying Your Loan
        See your loan payment options
      • Debt Consolidation
        Save money, simplify your budget and reduce stress
    Explore Our Rates

    See today’s auto loan, home equity product, mortgage, and personal loan rates

    Have questions? Browse our FAQs
  • Investing & Insurance
      • Investing
      • Insurance
      • Auto Warranty
      • Set Up a Free IRA in Pennsylvania
        Checkout out this six-step guide to start reaping tax benefits
      • Missing Out on Insurance Savings?
        Get tips on how to spot savings in your insurance coverage
    Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
  • Become a Member
      • What's Digital-First Banking?
      • How We Serve Our Members
      • All Member Services
      • Level Up Your Banking
        Earn up to $300 when you join PSECU and meet promo requirements
      • New Member Support
        Get the guidance you need to take control of your account
      • The PSECU Scholarship
        Find out how to apply, and meet the latest scholarship winners
    Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
  • Refer a Friend
  • Find an ATM
  • Resources
  • Support
Important notice:
Important: You are now leaving PSECU.com

By selecting continue, you will be leaving PSECU’s website. Other websites may offer different privacy policies and levels of security than what is offered by PSECU. PSECU is not responsible for and does not endorse, guarantee, or monitor content, availability, viewpoints, products, or services that are offered or expressed on other websites.

You may close this window if you choose not to continue to .

Continue
  1. Back to Home
  2. Resource Center
  3. Products and Services
  4. When Should You Apply...
Article
2 Minute Read

What Are PSECU Personal Loan Requirements? | PSECU

Share on email Share on facebook Share on linkedin Share on twitter

Are you wondering how to fund large purchases, like an engagement ring, or unexpected expenses, such as medical bills? Depending on the amount of money you need, your credit score, and other factors, a personal loan may be the answer.

Personal loans have several attractive qualities that make them a great option for certain borrowers. Explore these four instances below to help determine whether a personal loan may be the best solution for you.

1. When You Need Versatility

Do you have expenses that the maximum limit on your credit card isn’t high enough to cover? If your limit is high enough, is the interest rate low enough for you to comfortably borrow the money you need?

If you have financial needs that require a solution your credit card can’t accommodate, a versatile personal loan could be the answer.

Personal loans are flexible in that you can apply for just the amount you need and, once approved, they don’t have to be used for a specific purchase or purpose.

2. When You Need Fast Approval

While approval times vary between lenders, in some cases, you could learn that you qualify for a personal loan the same day you apply. Same-day approval is common at many banks and credit unions.

3. When You Don’t Have Collateral

Some loans require collateral. These loans are called secured loans and require you to provide security that you’ll pay off your loan in the form of collateral. Examples of collateral may include a home or a car. If you don’t make your payments, the lender can take possession of your collateral to pay off the loan.

Most personal loans are unsecured, which can make them more accessible for people who don’t have high value assets they can use to secure the loan.

4. When You Need a Fast and Affordable Way to Borrow Money

Regardless of your ability to cover your monthly expenses, you may need extra cash from time to time. When your roof starts to leak, your car stops running, or you’d like to refresh your apartment with new furniture, a personal loan can help. Because a personal loan often has a lower Annual Percentage Rate (APR) than a credit card, it can also be a more affordable way to cover these expenses.

Where Should You Apply for a Personal Loan?

Choosing your lender is one of the most important decisions you’ll make after you decide to apply for a personal loan. The source of your loan helps determine how much money you can borrow, what your repayment plan looks like, what your interest rate will be, and whether or not you’ll need collateral.

We have personal loans that we call Signature Loans. You can use them for a variety of expenses, including home repairs, vacations, and even an engagement ring. Whether you’re getting married, starting a business, or updating your home, a personal loan can provide the funds you need.

Apply for a Personal Loan From PSECU

If a personal loan sounds like the right solution for your financial situation, choose a Signature Loan from PSECU.

Learn more about our personal loans and how you can apply today!

 

Become a Member

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

By: PSECU

Browse Related Resources

Need to talk to us directly?
800.237.7328
Routing #: 231381116
  • Facebook
  • LinkedIn
  • Twitter
  • Instagram
  • Pinterest
  • YouTube
Best Credit Union 2023
Best Credit Union 2023 - Forbes
Newsweek America's Best Banks 2023
  • Get to Know Us:
    • What's Digital-First Banking?
    • How We Serve Our Members
    • PSECU for Employers
    • Careers We're Hiring!
    • Resource Center
  • Quick Links:
    • Rates
    • Calculators
    • Downloadable Forms
    • Become a Member
    • Refer a Friend
  • Contact & Support:
    • Support
    • Browse FAQs
    • Resume an Application
    • Find an ATM
    • Contact Us
  • Download the App:
    • App Store
    • Play Store
  • Sitemap
  • Disclosures & Agreements
  • Security
  • Privacy
  • © 2023 PSECU. All Rights Reserved.
  • NCUA Insured by NCUA
  • Equal Housing Lender Equal Housing Lender