What Is a Personal Loan?

Sometimes we need funds for expenditures that are unexpected, or a little out of the ordinary. When these expenses arise, and a credit card or cash aren’t quite right, ask our lending team about a personal loan.

Sometimes called a signature loan, a personal loan can be the right solution to your needs. At Texoma Educators, we make personal loans often.

The terms for personal loans are based on the amount you need to borrow, the length of the loan term, your credit score and whether the loan will be secured by collateral, such as investments, or will be unsecured, which is more common.

What are typical purposes for personal loans?

- Debt consolidation
- Moving expenses
- Medical costs
- Home repairs
- Vacations
- Appliances, furniture
- Education fees
- Weddings

Why not charge it to a credit card?

- The payee(s) may not accept credit cards.
- The amount you need may exceed your available credit.
- The interest rate on the personal loan may be lower than the annual percentage rate on your credit cards. (Also consider a Texoma Educators credit card—our APR is only 9%.)
- You have numerous expenditures with a single purpose.
- You want a specific term for the loan, with a firm end date.

We’re here to help

Considering a personal loan? Learn more about our lending program. Or contact our VP, Lending or a local branch manager to learn more! You can even apply for a loan online.

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