Personal Loans can be used for almost anything, including consolidating debt, covering unexpected expenses, making home improvements, or paying for major purchases. Many borrowers also use them to cover medical bills, travel, or other large costs.

It depends both on the interest rate you are being charged and the length of your loan term. Assuming a $5,000 loan with a competitive annual percentage rate of 11.74%, you can expect the following monthly payments from a selection of loan lengths:

• 36 months:  $165.26 per month
• 48 months:  $131.34 per month
• 60 months:  $110.57 per month

Check out our Personal Loans calculator to explore more payment scenarios.

Yes, it often pays to get a personal loan through a credit union rather than a commercial bank. Columbia Credit Union is a not-for-profit financial cooperative run on behalf of our members. Instead of being distributed as dividends to outside shareholders, profits are returned to members through lower loan rates and fewer fees than you’ll find at commercial banks. As a result, our personal loan rates are lower on average than those available at banks. We are also able to provide more attentive service and are more likely to be able to tailor products to the needs of our individual members.

A Personal Loan can be an excellent tool for debt consolidation. Personal Loans generally offer fixed interest rates significantly lower than those of credit cards or high-interest loans. By using cash borrowed through a personal loan to pay down high-interest debt, you can replace one or more variable-rate payments with a single, fixed monthly payment, often at a lower rate. Instead of scrambling to make minimum payments on one or more outstanding loans, you’ll know exactly how much you need to pay each month and when your loan will be paid off, making it easier to budget and plan for the future.

Connect with us today to find a solution that’s tailored to fit your specific needs.

Your interest rate is based on factors such as your credit score, your income and outstanding debts, and the loan amount and term you are seeking. Borrowers with stronger credit histories usually qualify for the lowest rates.

Yes, you do need to be a Columbia Credit Union member to apply for a loan. Columbia Credit Union membership is open to individuals and businesses in Washington State and in the Oregon communities of Clackamas, Marion, Multnomah, and Washington Counties (and to the families of eligible individuals).