Is a Closed End Personal Loan Right for You?
In addition, for those of you who prefer a set payment with an ending date, we have closed-end personal loans up to $20,000. You may also borrow against your Section 705 FCU savings account (regular shares only).
Closed End V. Open End
- Closed End Personal Loan: An example of a closed end personal loan is a debt consolidation loan. This loan has a set term, amount, and interest rate agreed upon closing of the loan.
- Open End Personal Loan: An example of this loan is a credit card or line of credit. With either of these products, the option is a little more fluid. The rate remains consistent, but the amount of the payment changes based on what you owe the credit union.
Learn More! Checkout Section 705 FCU’s rates, apply online, or speak to a loan officer.
Posted in: Personal Loans