Personal Loan Features
- Local approval
- No prepayment penalty
- Competitive rates
- Personalized service
- Flexible, customized terms
- Free 24 hour online account access
- Free 24 hour telephone access
- Payment protection
Prospera® has personal loans for all of life’s little surprises. We’re here when you need it most.
Homeowner Multipurpose Loan
No equity required!**
This loan can be used for home improvements, to buy a new auto, to take a vacation and more! Plus it doe not requires that you have equity in your home!
You can take out this loan I none of two ways:
- Lump Sum Loan as low as 6.24%
- Personal Line of Credit as low as 5.75% APR++
- Must be a Prospera member for one year or more
- Pick your loan amount: $500 – $1,500
- 12 month term
- All credit is approved*
- 12.49% Standard Rate 15.71% APR+
- Limit one per member
- Must have Direct Deposit into Prospera Account
- Must set up automatic loan payment from Direct Deposit
* Credit reports will be run for verification and status update purposes only. Members must be in good standing with the credit union (current on any outstanding loan, checking account is not currently negative) and have no delinquent or charged-off accounts. Approval is not based on creditworthiness or credit score. Must be 18 years or older to qualify. Minimum Direct Deposit amount must equal the minimum loan payment amount. Sample monthly payment on a $1,500 loan at 15.61% APR for 12 months would be $137.63. Payment calculation is based on principal, interest and loan protection coverage.
+APR = Annual Percentage Rate. 15.71% APR includes $25 processing fee.
** Loan is unsecured and is not a mortgage product. Maximum loan amount $25,000; minimum $5,000 new money required. Maximum term of 84 months. Terms may vary based on loan amount. Payment example: $10,000 at 6.24% over 5 years results in 59 payments of $194.45 and a final payment of $194.44.
++ Maximum loan amount of $25,000; minimum $5,000 new money required. Minimum monthly payment of 1.50% of balance or $50, whichever is more. The Annual Percentage (APR) for new and existing balances will be the Wall Street Journal Prime Rate (Index), plus a margin of 2.00%. We will use the most recent Index value available to us as of the last day of the month preceding any annual percentage rate adjustment. The APR will change on the first day of each month to reflect any change in the Index. The APR will never be greater than 18.00% or the maximum rate allowed by law, whichever is less. Any increase in the APR will result in more payments of the same amount until what you owe has been repaid.