San Antonio Signature Loans: Everything You Need to Know
At some point, it’s common to need more funding than what you currently have on hand, which is where signature loans come in. If you're in urgent need of funds to cover big expenses such as medical bills or an emergency vehicle repair, signature loans are a great solution. Below, we go through what a signature loan is, how it works, and where to get San Antonio signature loans.
What Is a Signature Loan?
A signature loan is an unsecured personal loan for which you don't have to pledge collateral to the lender in exchange for a loan. As a result, the lender doesn't have an asset to repossess and sell if you default on the loan, which is why these loans are considered high-risk loans by lenders and traditional financial institutions, such as banks and credit unions.
Your credit score will be a key factor in determining your creditworthiness and the likelihood of your repaying the loan in time. Additionally, your credit score will also influence the loan amount (especially since you're not borrowing against a collateral asset), repayment terms, and interest rates associated with your signature installment loan.
This limits the accessibility to borrowers with relatively good credit scores; individuals with lower credit scores will have to resort to other financing methods, such as secure long-term and short-term loan options, such as payday loans.
How Does a Signature Loan Work?
To obtain a signature loan, you first have to apply for one. The application process is usually straightforward, as many lenders offer online loan applications and conditional loan approvals. In most cases, since they're unsecured loans, the lender will have to perform a credit check and inspect your credit history to determine your creditworthiness. You'll also likely have to provide the lender with official identification, proof of income, and proof of residency.
If you're eligible for a loan, the loan company will determine interest rates and loan payment terms based on your credit score and provide you with a loan offer. If you find the offer acceptable, all you have to do is sign on loan terms and the required documents, and the lender will typically direct the funds to your checking or savings account within 24 hours or one business day.
Best Uses of a Signature Loan
People use signature loans for many things, ranging from unplanned expenses to relocation from one home to another, covering medical expenses, or even for debt consolidation. The latter is a particularly interesting option—if the loan terms offer lower interest rates than your current debts, consolidating your debt and unifying it under a single, more favorable monthly payment and favorable interest rates is a financially reasonable option.
San Antonio Signature Loans: Where to Get Yours
Signature loans are typically obtained from traditional lenders such as banks and credit unions. If you’re looking for a signature loan in San Antonio, River City Federal Credit Union offers various solutions.
River City FCU offers a signature loan personalized for your needs:
Flexible terms and competitive rates
No collateral required
Unsecured loan
Fixed rates as low as 7.00% APY*
We also offer a Shared Secured Loan, a loan that’s secured by a member’s Share Account or Share Certificate, which has the following features:
Lower interest rate loan
Flexible terms and competitive rates
Unsecured loan
Apply for a Signature Loan in San Antonio
If you're looking for a San Antonio lender offering signature loans with flexible terms, competitive rates, and reasonable APY, don't hesitate to contact River City Federal Credit Union to learn more about our offerings and start the process to apply for a signature loan.
*APR stands for Annual Percentage Rate as of December 7,2023 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.
