Whether it's debt consolidation,
a short term loan or a special purchase, a signature loan from FIGFCU may be your answer.

Signature Loans

Planning to pay down some higher interest credit card debt or need some additional funds to pay for a spectacular wedding or special getaway? Consider getting a signature loan from FIGFCU!

Consumer Tip: Did you know that getting a signature loan will help you pay off consumer debt much more quickly than simply paying the minimum balance due on a regular credit card?

Every credit card billing statement displays a monthly minimum payment due. For instance, a $3,000 balance on a 10% APR card with a minimum monthly payment of 2% has an initial minimum payment due of only $60. Over time, your balance will get lower, so your minimum payment due figure also drops. While payments gradually get smaller, it will take you approximately 159 months or over 13 years to pay off that debt! Under this scenario, you'll end up paying over $1,700 in interest payments alone!

By the same token, if you were to take out the same $3,000 using a standard 36-month signature loan at 10% APR, your monthly payments would be approximately $97. While your monthly payments are slightly higher, you'll pay less interest and pay off the entire loan 10 years faster!

Getting a signature loan is an easy way to systematically pay down your debt. If you're simply paying the minimum balance due on your credit card bills, consider setting up a signature loan to help erase your debt quicker.

Want to know how much you can save? Our credit card minimum payment calculator and our signature loan calculator can help!
Click here for calculators

FIGFCU Standard Signature loan features include:

  • Traditional signature loans with terms up to 36 months
  • Up to 60 month term if used for consolidating debt
  • Borrow up to $10,000 on approved credit

Signature Line of Credit (LOC)
Do you need additional cash from time to time, but don't need a long term loan? A signature line of credit may be your answer. A line of credit allows you to borrow whatever you need, up to your predetermined credit limit. Then as you pay it down, you can turn around and access any unused limit as needed. A signature line of credit has the following benefits:

  • Allows you to have instant access to cash up to your available credit limit.
  • Credit limits up to $50,000
  • No prepayment penalties
  • No special cash advance interest rates (credit cards usually charge higher rates for cash advance balances)
  • No cash advance fees (credit cards typically impose cash advance fees of up to 2% of the total cash advance taken)
  • Can be used as Overdraft Protection for checking.