First Choice Community Credit Union
Multi-color border

Signature Loans  

A pen writing a signature on paper Signature loans are not secured by collateral, but are granted based solely on your creditworthiness and relationship with First Choice. In other words, we are relying on your good faith intention to repay as indicated by your signature. Signature loans provide much-needed cash when either you don’t have or are unwilling to provide collateral to secure a loan.

Our signature loan financial solutions include both a regular term loan and a line of credit. Both offer the same competitive rate and both are subject to the same approval criteria. However, the line of credit differs in three important areas:

  1. You pay interest only on the unpaid balance you have advanced from the line
  2. The interest rate on the line of credit is subject to increase
  3. You benefit from extended repayment terms.

By contrast, regular signature loans are fixed rate, interest accrues on the total outstanding balance and terms are limited to 60 months.

Necessarily, since our risk is somewhat higher than with a secured loan, the interest rates on signature loans are higher.

To apply for an unsecured loan, please stop in any First Choice location or apply online via our secure server.*   Generally, we will have a decision on your loan request within 24 hours of receiving all pertinent information.

*Nonmembers are welcome to apply for any loan; however, you must meet membership eligibility requirements.