Personal Loans

No Fee To Apply|12.24% – 18.00% APR*

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Personal Signature Loans

Your signature alone gives you access to cash with our Personal, Unsecured Loan options. Choose from our revolving line of credit, 90-day note, or personal loan. We offer no fee to apply personal loans up to $25,000, with terms from 90 days to 60 months and rates as low as 12.24% APR up to 18% APR*. We are here to help you find a Personal Signature Loan that fits your needs.

One of the benefits of banking with a credit union is knowing we exist to serve the membership. It is in that spirit that we offer a low rate Holiday Loan each year, from October 15 – December 31. With this limited-time loan, you can borrow up to $2000 at a special low rate – as low as 5.75%. Learn More 

 Our Personal Loan Rates

Personal LoanLine of Credit90-Day Note
APR Range*12.24% – 18.00%12.24% – 18.00%12.24% – 18.00%
FeesNo Fee to ApplyNo Fee to ApplyNo Fee to Apply
Terms60 months60 months90 months
Borrow Amount Range$1,001 – $25,000$1,001 – $10,000$1,001 – $25,000
Monthly Payment Range**$22.39 – $634.84$22.39 – $253.93$340.50 – $8,584.57

What Is a Personal Loan?

Personal loans are flexible and versatile loans guaranteed with just your signature. They are unsecured loans instead of secured loans like mortgages or car loans. Since you don’t have to own a car or a house to get a personal loan, they’re more accessible and usually quicker to process.

How you spend the money is entirely up to you, which is another distinction between personal loans and most other loans. Some personal loans even offer a revolving line of credit for convenience and easy use.

Much like with other loan types, you make loan payments to pay back your loan over time. Interest rates on personal loans are often better than interest rates on many credit cards. So borrowers who use personal loans to pay off high-interest debt can save a significant amount of money.

Your credit score, payment history, and income to debt ratio will be used to determine your personal loan interest rate. The better your credit score and payment history, the better interest rate you can expect. But less secure borrowers should still talk to their credit union if they are interested in a personal loan.

At Bowater Credit Union, we are pleased to offer personal loans to our members. We even have a secure online loan application to help you get the money you need fast.

How Can You Use a Personal Loan?

Because personal loans are so flexible, you can use them for many different things. Here are some of the most common reasons to take out a personal loan.

  • Consolidating your debt
    If you’ve got several different credit cards or other debt payments to make each month, it might be time to think about debt consolidation. Using a personal loan to consolidate debt can save you time and money. It also simplifies things and makes it easier to pay off debt and become debt-free.
  • Paying for college
    With a personal signature loan, you have flexibility. Unlike traditional student loans that stipulate what you can spend the money on, you can spend a personal signature loan when and how you want.If you want to spend some of it on living expenses and the rest on books and tuition, you have that ability. If you have an upcoming semester abroad, you could use a personal loan for that too.
  • Funding your wedding
    Your wedding day is a special one, and you deserve for it to be everything you’ve dreamed. If funding your big day is a concern, maybe it’s time to think about a personal loan. Personal loans are a convenient and popular way to pay for weddings at a lower interest rate than a credit card.
  • Paying for travel expenses
    Whether it’s a cross-country move, a family emergency, or a memorable trip, personal loans can be used for travel expenses. You get our flexible and convenient loan terms and the peace of mind that you have enough money to travel, despite any unexpected costs that may come up along the way.
  • Handling emergencies
    You can’t plan for unexpected emergencies, but you can get the money you need to manage them through a personal loan. That certainty can give you peace of mind even during the most challenging times. A Personal Loan offers a lower rate than
  • Doing home renovations
    If it’s time to redo your bathrooms, put in new kitchen appliances, or upgrade your landscaping, a personal loan might be the answer. If you’re interested in simplicity and speed, a Personal Loan is quicker and easier to get than a HELOC. You can borrow up to $25,000 and pick the repayment terms that best suit your budget and project.
  • Paying for moving expenses
    Moving can be costly. Whether it’s a cross-country move or a move across town, you spend a lot when moving. A personal loan is a perfect solution for managing all your moving costs.

Love this credit union. No problems at all. Have had one loan through them. And now I have another loan and no problems. Thanks for caring about your members!

Lance Wonderly

Facebook Review

Why Apply For A Personal Loan?

Arguably the most significant benefit of borrowing through a personal loan is that they are versatile. With a mortgage, student loan, or auto loan, the borrower is restricted regarding what the money can be used for. That’s not the case with our personal loans. How you spend your money is up to you.

You get the cash you need with terms that work for you. That’s why personal loans are so popular with Bowater Credit Union members. Are you ready to apply?

How to Apply For A Personal Loan?

At Bowater Credit Union, our online application process is straightforward, and your signature alone can mean more cash in your pocket.

When you apply for a personal loan, you’ll need your personal and financial information. Our team will run a credit check, evaluate your debt to income ratio, and get back to you quickly with a decision. You’ll be surprised how easy it is.

Apply for your Personal Signature Loan today!

Personal Signature Loan FAQs 

Who should apply for a personal loan?

Anyone age 18 and over can apply for a personal loan with no fee to apply. Personal loans can be used for a wide spectrum of purposes so they are useful to a variety of people, from those who need to pay off an unexpected medical bill to others who want to fund a vacation.

How do I get the lowest APR?

Bowater Credit Union offers excellent personal loan rates, as low as 12.24%. To qualify for the lowest rate possible, you should have a high credit score, long credit history, and low debt-to-income ratio. The combination of these factors tell us that you are creditworthy and have a low risk of defaulting on the loan. 

How will I receive personal loan funds?

It is up to you! We can deposit the funds directly into your Bowater account or we can give you a physical check if you prefer.

How quickly can I receive a personal loan?

Personal loans are quick to process. As soon as the loan is approved and you sign the appropriate documents, you can receive funds right away via check or deposit.

Can I pay off my personal loan early without penalty?

Yes, you can pay your personal loan off early without worrying about being penalized with fees. Also, if it’s convenient for you, principal-only payments are accepted.

  Terms from 90 days to 60 months 

*APR = Annual Percentage Rate. Rate range from as low as 12.24% APR up to 18% maximum APR. All loans subject to credit approval. Rate and term to be determined based on creditworthiness. The rate will not increase while the plan is open. Credit Union Membership required with a $5 minimum deposit. Some restrictions may apply. Rates and terms are subject to change.

**The payment on a $10,000 loan would be $223.66 per month by using the $22.37 per $1000 at a non-variable interest rate of 12.24% APR with a 60 month term. This equates to $13,419.60 over the life of the loan. Membership required with a $5 minimum deposit.