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Personal Loans for When You Need It

Personal Loans for When You Need It


Outside of auto loans and mortgage loans, personal loans are likely the next type of loan you would use as a consumer. A personal loan is a type of unsecured loan, which means there is no collateral held in the event that you cannot pay back the loan. Generally, a personal loan is a form of credit that can help you make a large purchase or consolidate high-interest debt, but they can serve a number of other purposes as well.


Here are some common reasons you may need a personal loan:


Unexpected expenses pop up all the time. Whether it be your car breaking down, medical bills, funeral expenses or something else, when you need money in a hurry but don’t have enough saved to cover it, a personal loan can be a safe harbor for your SOS.


Debt consolidation

Consolidating debts is one of the number one reasons people take out a personal loan. A personal loan can help by combining the balances of multiple other loans or credit cards and combining that debt into one loan. If approved, you would only make one monthly payment rather than making payments on multiple debts. It makes it easier to keep your finances organized and gives a tangible payoff date. Generally, consolidating debt to a personal loan will either save you some money by lowering your interest rate on your debt, or it will free up extra money in your monthly budget by consolidating payments.


Home Improvements and Home Repairs

Have you ever started on a project at home and suddenly what you thought it would cost turns out to be double or triple what you budgeted for? You’re not alone!

If you’re a homeowner, you likely already know how disasters can strike quickly and unexpectedly. If you suddenly need to repair or upgrade things like a furnace, AC unit, plumbing or smaller appliance but don’t have the funds readily available, this is when a personal loan can be useful.

Whether it be financing necessary repairs, like fixing the plumbing, redoing electrical wiring, or upgrading your kitchen appliances, sometimes a personal loan can be a great option to finish checking these off of your to-do list.


Alternative to a payday loan

When it comes to a payday loan, we encourage members to not even think about it! We regularly see people who struggle to break free from the never-ending cycle of payday loans. Coming to your local credit union for help when you’re in a bind is a great alternative to getting a payday loan. Members typically save hundreds of dollars during the life of their loan because they’re saving on the outrageous interest rates that payday loan institutions typically charge.

“According to the Federal Reserve Bank of St. Louis, the average APR for a payday loan is 391 percent.” (BANKRATE.COM)

Payday loans typically have very short windows of repayment, hence why they’re called payday loans – repayment typically takes place by your next months’ pay. This often causes an issue for borrowers because they’re then unable to repay the loan by the due date which begins a cycle where they need to borrow more to repay the previous loan. A personal loan with a longer-term and lower interest-rate will likely help you when you need it without completely ruining your finances. 


Other Reasons for a Personal Loan

Although we recommend saving for more of life’s big events, if you’re in a pinch a personal loan can assist you in financing things like:

  • Wedding expenses
    • “According to The Knot, the average cost of a wedding in 2019 was $28,000” (BANKRATE.COM). If you don’t have upwards of $20,000 at your disposal, a personal loan may help you plan the wedding of your dreams. Some also consider a personal loan when purchasing an engagement ring, that way they can pay it off over time rather than emptying their savings account.
  • Vacation
    • A typical vacation may not need the assistance of a personal loan, but if you’re ever wanting that ‘dream’ vacation, or if you’re on a tight monthly budget a personal loan could make sense to help get your toes in the sand.
  • Moving expenses
    • “According to, the average cost of a local move is $1,250, while a long-distance move costs $4,890” (BANKRATE.COM). Many who are moving don’t consider costs of moving until the final moment (unless long-distance, then it may be top of mind). If you don’t have enough cash at the time, or you don’t want to drain your account just to move, a personal loan may get you to where you’re going!
    • Other factors associated to moving might be purchasing new furniture, covering a security deposit if you’re renting, or first and last month’s rent. This all could be included when taking out a personal loan.


If you think a personal loan may be a suitable option for any of your financing, we’d love to help! Here are some benefits of getting a personal loan at CSE:

  • No Application Fee
  • No Processing Fee
  • Monthly payments to fit your budget


If you’re not ready to finance, but want to take a deeper dive into your finances to see how a personal loan may help, make use of our Personal Loan Calculator.




1 comment

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Sourabh Kumar | Nov 2nd 2021 @ 6:22 AM

Thanks for sharing.

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