Personal loans can be a lifesaver when you need cash quickly, and they can be a great alternative to credit cards which carry variable interest rates. Salal has a range of options to help you pay for almost any expense.
SIGNATURE LOANIf you have good credit and want to receive your money in a lump sum to pay for a large, one-time purchase or expense, a signature loan may be your best bet. A fixed rate and term will give you predictable payments.
SHARE OR SHARE CERTIFICATE LOANIf you’re unable to qualify for a conventional loan, a share or share certificate loan is a good way to borrow money while building your credit history. To secure the loan, you’ll use your savings or certificate account as collateral and can borrow up to 100% of the money in that account at a low, fixed rate. The funds in your collateral account will be not be available for use until you start paying down the principle, but they will continue to earn dividends.
EZ LINE OF CREDITAn EZ Line of credit offers greater flexibility in that you can access only the money you need on an ongoing basis, and you only pay interest on the amount you use. The loan can also be used as overdraft protection on your checking account, helping you avoid NSF charges.
You can apply for a Signature Loan, Share or Certificate Loan, and EZ Line of Credit using our secure online application portal.APPLY FOR A LOAN NOW
APR = Annual Percentage Rate. Rates are current as of November 22nd, 2017, and are subject to change after the account is opened.
|SALAL EZ LINE OF CREDIT||9.90% - 15.00%||Revolving|
|SALAL SIGNATURE LOAN||9.90 - 15.00%||Up to 60 months|
|SHARE LOAN||6.50%||Secured by Salal Credit Union Savings or Premium Plus|
|SHARE CERTIFICATE LOAN||2.50% margin over certificate rate. 6.50% min.||Secured by Salal Credit Union Certificate - due at Certificate maturity. IRA Share Certificate not eligible|
|The APR on all loans without automatic payment will be 0.25% higher. Refer to the Credit and Security Agreement for specific disclosures.
EXAMPLE PAYMENTS. Signature Loan: $105.99 a month based on a 5-year, $5,000 loan at 9.90% APR; Share Loan & Share Certificate: $97.83 a month based on a 5-year, $5,000 loan at 6.50% APR.
SALAL READY CASHOur alternative to a payday loan or credit card advance, Salal Ready Cash has flexible borrowing amounts, a longer loan term and lower lending fees**— $12 for every $100 borrowed. Borrow between $150 and $700 and we’ll give you 45 days to repay***.
Request more information or start your Ready Cash application by calling 800.562.5515 or visit your nearest branch.
**Payment example: a loan amount of $700 would result in one payment of $784 if paid within 45 days. Borrowers can also opt to repay in two equal installments of, in this payment example, $392 each.
***Annual Percentage Rate (APR) on a 45-day Salal Ready Cash loan is 97.33%. APR on a 30-day payday loan from a traditional payday lender, with a $15 fee per $100 borrowed, is 182.5%.
All Salal loans are subject to credit approval.