Personal loan
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Find the best personal loan for your needs
Panama CU personal loans give you access to the cash you need, no matter the reason. From paying for an emergency expense, consolidating debt, to remodeling your home, Panama CU has you covered. Plus, all our personal loans offer low, competitive interest rates and flexible payment options. While some personal loans require collateral — something owned by the borrower, such as an auto, home, boat, etc., that’s pledged as security for repayment of a loan and forfeited in the event of a default — Panama CU also offers Members “unsecured” (collateral-free) personal loans based on creditworthiness.
Need to make your loan payment?
If you need to make your monthly payment, our online service options are available 24 hours a day, 7 days a week. You can choose between transferring funds from a Panama CU account toward your loan balance or making a payment using an account from another financial institution.
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Personal Loan - Our signature personal loan provides cash in one lump sum at an interest rate lower than most banks. The Panama CU Personal Loan is useful for things like emergency expenses, home repairs, and more.
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Home Advantage Personal Loan - While this personal loan is designed for homeowners, it can be used for anything, including debt consolidation, paying medical bills, or remodeling your home. Plus, if your mortgage is with Panama CU, you will qualify for a 0.50% discount off your interest rate.
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Share Secured Loan - A personal loan backed by your Panama CU savings account as collateral, which can be used as payment if the loan terms are not met.
How to get started.
Questions you may have
What is Collateral?
Collateral is typically something the borrower owns, like a car, home, boat, etc. It is pledged as security for loan repayment and will be forfeited if the borrower defaults. Regarding Panama CU's secured personal loans, you can use a certificate of deposit (CD) or a share savings account to secure the loan extended to you.
When will I receive the funds from my Panama CU Personal Loan?
Once we receive the necessary information and approve the loan, your loan funds will become available within one business day.
How can I make a payment on my personal loan?
There are several ways to make your personal loan payment. The easiest way is to transfer funds from your Panama CU savings account or checking account to your personal loan using our Digital Banking or our Telephone Banking System services. We also offer the ability to make a payment via our Make a Loan Payment service.eage
- Name of the dealership or seller
Can I make additional payments and pay off my personal loan early?
Yes. At Panama CU, there are no prepayment penalties for paying off your personal loan earlier than your original term. In fact, it is a great way to reduce interest payments over the long run!
Looking for secured options?
Members who already have a Certificate of Deposit (CD) or Share Savings with Panama CU are eligible for personal loans with even lower interest rates.
