Personal Loans

Young happy coupleNeed a little extra cash for a project you’re thinking about?  Maybe planning a vacation, or some home improvements but don’t quite have enough money saved up.  Consider a Personal Loan from Sky Federal Credit Union.




Unsecured Loans


Any way you crunch the numbers, a Signature Loan balances into a great deal.  You can borrow for any purpose, to consolidate your debts, make home improvements or for overdraft protection on your checking account.  With a signature loan, no collateral is required.  If you want low payments, our flexible financing terms ensures the payments will fit your budgeting needs.  The rate is based on your credit score, if it seems too high to you perhaps you have collateral such as an automobile or equity in real estate that we could use to make a secured loan for you.  Our secured loans generally have a lower interest rate and may allow us to extend the term of the loan.

Share Secured Loans


A savings-secured or certificate-secured loan can save you a lot of $$$ in interest!  Your loan amount can be up to 100% of your share certificate balance or the available balance in your savings account.  These loans offer a great way to build your credit history and offer flexible terms and competitive rates.  When money is pledged on an account a “hold” is placed on the balance, which prevents withdrawal of the funds, but as the loan principal decreases, the pledge also decreases.  This type of loan is ideal for making purchases without depleting your savings.  You may borrow up to the full balance of your share certificate or savings account at a low rate while continuing to earn dividends on your savings.

Line of Credit Loans


A Sky FCU Line of Credit Loan is a convenient, unsecured revolving loan that once established, the unused credit line is always available when a need arises.  There are several reasons why a person may choose a line of credit over a traditional loan.  With a traditional loan, you get a chunk of money and immediately begin paying the loan back, regardless of when you actually use the money.  But a line of credit lets you borrow the amount you need when you need it and you make payments only on the credit you’ve actually used.

Overdraft Protection Loans


Our Overdraft Protection Loan is a Line of Credit that kicks in when a transaction is presented for payment exceeding the funds available in your share draft account.  When you have an Overdraft Protection Loan in place the funds will automatically be transferred to cover the transaction.  An Overdraft Protection Loan adds another level of protection in case there are errors in your checkbook.  The credit line may save you the embarrassment of having your checks returned unpaid and the cost of return check fees from both the merchant and the credit union.

All loans are subject to Sky Federal Credit Union’s customary due diligence underwriting, credit approval and documentation. Other terms and conditions may apply.  If you have any questions about any of our Personal Loan products please contact a Financial Services Representative at (800) 445-3328 or email us at for more information.

Federally Insured by NCUA