An unsecured loan may be your best financing option to turn your plans in to action.
What is an Unsecured Loan?
An unsecured loan is a type of loan based on your creditworthiness. This means that the loan isn’t “secured” by any other form of collateral, such as property you own. In contrast, an auto loan is secured by the vehicle that the loan is for, and a mortgage loan is secured by the home or property.
In Addition to Unsecured Loans, You May Also Consider:
- Visa Credit Cards
- Student Loans
- Personal Loans
What Can an Unsecured Loan Be Used For?
There are so many possibilities with unsecured loans. Some common uses of unsecured loans include, but are not necessarily limited to:
- Debt consolidation – Rather than having to keep track of all the cards and other debt you have to pay off, an unsecured loan simplifies paying off your debts with one recurring monthly payment
- Home improvement – Whether you have some things that need fixed around the house, you’re looking to remodel or some renovations are needed, an unsecured loan can help make it happen
- Vacations – An unsecured loan is a great option for a vacation fund
- Weddings and engagements – Whether you need a way to pay for your big day or looking to impress when you pop the question, consider an unsecured loan
Unsecured Loan Rates
|Unsecured||84 Months||As low as 7.99%*|
90-Day Notes up to $20,000.00 as low as 15% and a $25 application fee. This note may be converted to a 4-year loan with payroll deduction. A converted 90-day note may not be refinanced again during the 4 years.
|730 & Above||A+||8.49%/7.99%||$20,000/84 Months|
|680 to 729||A||
|640 to 679||B||
|600 to 639||C||
|550 to 599||D||
|549 & Below||E||
*Rate includes 0.25% discount for payroll deduction or automatic payment and .25% discount for Compass debit card holders. APR = Annual Percentage Rate
Compass Online Users: Apply for a loan online by going to your online banking page. Questions? Call 342-5300.
* The lower rates in this chart reflect a 0.25% reduction for an automatic payment and a 0.25% reduction for having a debit card. APR = Annual Percentage Rate
Is an Unsecured Loan Right For You?