Personal Loan - Unsecured
An unsecured personal loan is a loan built for life’s surprises.
It’s when you find out you need a new heat pump or a new transmission for your car. Or when some other unexpected life event comes up and you need to access funds to bridge the gap between what you have and what you need, without getting stuck with a high-interest rate credit card.
Use Our Loan Calculator
A good place to start with personal loans is to use our Loan Calculator and play around with different scenarios.
How an Unsecured Personal Loan Works
A personal loan that’s unsecured means the loan is supported only by the borrower's creditworthiness, rather than by any type of collateral. Examples of collateral would be a large asset like a car or house.
An unsecured loan means you don’t need property as collateral for the loan but because this is higher risk type of loan, since the bank has nothing to guarantee it be covered in case of a default, you usually need a high credit rating to be approved for certain unsecured loans.
Also, because of the higher risk, interest rates are usually higher on personal loans.
Central Willamette Personal Loan Features
- Our unsecured personal loan has no annual or application fee.
- You can borrow up to $25,000 at a fixed interest rate.
- And you have up to 60 months to repay the amount.