Signature Loan
A signature loan is a great option to care for your personal needs. From consolidating high-interest debt, to covering both expected and unexpected life events, our Signature Loan can help with affordable terms and payments.
What is a Signature Loan?
A signature loan is an unsecured loan - meaning you don’t need to submit any collateral - that you can take out by simply providing your income, credit history and signature. These factors will help determine your approval and fixed interest rate.
Key features:
Flexible terms
Competitive Rates
No collateral necessary
Additional services:
Defer your first payment for up to 60 days**
Rates as low as:
| Signature Loan | APR* |
|---|---|
| 0 to 24 Months | |
| 25 to 36 Months | |
| 37 to 48 Months | |
| 49 to 60 Months |
*APR stands for Annual Percentage Rate as of January 27,2023 and subject to change without prior notice. Rates shown are the lowest available for each term listed. All loans subject to approval, your rate may be higher based on credit performance. Rates apply to new Signature Loans or loans refinanced from other institutions. This rate includes two rate discounts: (1) a rate discount of 0.50% when you set up automatic loan payments and (2) a rate discount of 0.50% when you have an established direct deposit of payroll to your River City FCU checking account. Rate discounts: additional restrictions may apply and are subject to change without notice, please contact Lending directly for details.
Helpful tips regarding personal loans
If you have accrued a substantial amount of high-interest debt, consolidating it or obtaining a loan at a lower interest rate can help relieve the burden of high monthly payments. Our Signature Loan currently has a competitive interest rate that can help you be debt-free sooner. Below are some additional things to look out for during those times when you might need additional funds
Avoid predatory lenders. Predatory lenders are everywhere and are best described as lenders who use unfair practices to mislead borrowers regarding loan obligations. It is a common practice among payday and title loan lenders that push users into a cycle of debt. In states such as Texas, these lenders don’t have a limit on the interest they can place on loans and according to research conducted by Center for Responsible Lending in 2021, Texas has the highest payday loan APR at 664%. They will also try to push you to pay the loan faster with higher penalties for delayed payments.
Beware of high-interest debt. Credit cards, payday loans, title loans, amongst other types of loans, have a high-interest rate nature. This makes it hard to pay off loans completely as interest keeps accumulating and your payment goes mostly towards interest and fees. If you find yourself in a situation where you have accrued a substantial amount of high-interest debt and are barely making a dent towards paying off the balance owed, a consolidation loan might be a good option for you.
Before applying for any loan, it is important to notice the rate and payment terms. A good debt consolidation loan will have a fixed rate that is lower than the rate of your current outstanding debt, allowing you to comfortably make payments on time. The longer you take to pay off debt, the more you pay in interest.
Don’t let the debt grow again. If you do consolidate your debt, make a game plan. Establish a monthly plan that allows you to save, especially if you’ve lowered your monthly debt payments. Consider saving the difference between your prior payment amount and your new consolidated payment in an emergency savings account for a rainy day. You can also freshen up your financial skills and reach your goals by visiting RCity Financial Center.