Personal loans
Life doesn’t always wait.
A personal loan handles the repair nobody planned on, or a few bills that have stacked up. Every member pays the same fixed rate, so you’ll know what you’re getting before you apply.
Rates as low as
Personal loan
What it’s good for
Know the day it’s paid off.
Things tend to break at the worst time. When the water heater goes out on a Sunday or the truck needs a transmission, a personal loan covers it now. Then you’ve got one steady payment to plan around until it’s done.
Same rate for every member, whatever your credit score- A fixed rate and the same payment every month
- Take up to 3 years to pay it back
- Borrowing less than $1,000? Pay it back over 18 months
- No collateral needed
Today’s rates
Personal loan rates
Every member gets the same fixed rate. Loans under $1,000 have their own rate and a shorter, 18-month term.
| Product | Term | Rate |
|---|---|---|
| Personal loan | 3 years | 14.00 % APR* |
| Personal loan under $1,000 | 18 months | 14.00 % APR* |
Loan calculator
Estimate your monthly payment
This uses today’s rates. Nothing you type here is saved or sent anywhere.
Estimated payment
$171a month
- Rate
- 14.00% APR
- Payments
- 36
- Interest
- $1,152
- Total you pay
- $6,152
An estimate, not a quote. Every member gets the same rate for the same loan and term.
How to apply
Three steps to getting it handled.
- Step 1
Apply
Apply online any time. You can also call (256) 383-6551 or stop by the branch at 1705 E. 17th Street.
- Step 2
Hear back
The loan team looks over your application and calls you with your rate and payment.
- Step 3
Get your money
Sign your loan papers, and you’re ready to take care of it.
Does everyone really get the same rate?
Yes. Every member gets the same rate for the same loan and term, whatever their credit score. Your credit history still plays a part in whether the loan is approved.
What can I use a personal loan for?
You can use it for most anything, like car repairs, a move, medical bills or a new appliance. Some folks use it to combine other bills.
Is the rate fixed?
Yes. Your rate and your payment stay the same until the loan is paid off.
How long do I have to pay it back?
You can take up to 3 years. If you borrow less than $1,000, you’ll pay it back over 18 months.
Do I need collateral?
No. A personal loan isn’t backed by your car or your savings. If you’d like a lower rate, a share secured loan uses your savings instead.
Do I need to be a member?
Yes. Membership is open to the whole IBEW Local 558 family, and it starts with $25 in Share Savings. You can apply for membership online.
More ways to borrow
Something else on the list?
Share Secured Loans
Borrow against your savings at a low rate while they keep earning.
More about share secured loans
Auto Loans
Finance a new or used car or truck at the same rate every member gets.
More about auto loans
Home Equity Line of Credit
Borrow against your home’s equity, up to $100,000, at the same rate every member gets.
More about home equity lines
*APR = Annual Percentage Rate. Not all applicants will qualify. Rates are subject to change without notice. We’ll match a lower rate on a comparable new loan offered by another local lender. To qualify, you need a credit score of 700 or higher and a written, dated offer or quote from the competing lender at the time of application. The offer must be for the same loan type, amount, and term, and for a loan you qualify for with that lender.
Personal loans
Let’s get it taken care of.
Apply online whenever you’re ready, or call (256) 383-6551 to work out the amount and the payment.