Tower Federal Credit Union’s Personal Loans can provide you with the funds you need for life’s expected and unexpected moments. Use our secured and unsecured loan options to establish or rebuild credit, consolidate debt, or pay for dream vacations, electronics, vehicle repairs, and just about anything else.
Personal Line of Credit
Enjoy the peace of mind that comes with knowing you have access to additional funds whenever you need them! A Personal Line of Credit offers flexible borrowing and convenient access.
- Low, variable rates, based on the Prime Rate (found in the Wall Street Journal).
- Credit limits from $500 up to $30,000.
- Pay interest only on what you use. As you repay the principal, that money becomes available to you again.
- Overdraft Protection—Use your personal line of credit to protect your Tower checking account(s) against overdrafts. If you overdraw your checking account, Tower will automatically deposit enough funds from your personal line of credit to cover the overdraft amount. You only pay interest when you actually use the line of credit.
| % Above Index | Daily Periodic Rate % | APR% (as low as) |
|---|---|---|
| 6.15 | 0.036027 | 13.15 |
| Rates effective: 2/1/2023 APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness. See additional disclosures. |
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Signature Loans
Tower’s Signature Loans are unsecured loans that don’t require any collateral. This type of loan is based on your credit worthiness and ability to repay. In addition to our other unsecured loans (Tower Mastercard® and Personal Line of Credit), Tower offers Signature loans for:
- Bill consolidation
- Home improvement
- Purchase of new or used vehicle less than $5,000
- Use Signature Loans for anything
| Term (in months) | APR% (as low as) | Monthly Payment (per $1,000 borrowed) |
|---|---|---|
| 12 | 7.24 | $86.64 |
| 24 | 7.24 | $44.88 |
| 36 | 7.24 | $30.99 |
| 48 | 7.99 | $24.41 |
| 60 | 7.99 | $20.27 |
| 72 | 8.74 | $17.90 |
| Rates effective: 2/1/2023 APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness. |
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| Share Secured - Variable Rate | 3% above Prime Share Dividend Rate | |
| Certificate Secured - Fixed Rate | 3% above Share Certificate Rate | |
| Rates effective: 2/1/2023 APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Share Secured Loans Any increase or decrease in APR will result in a change to the scheduled monthly payment. Any increase will take the form of higher payments. Certificate Secured Loans Bump-Up certificates are not eligible for CD Secured loans. The maximum repayment term is the remaining term of the CD being used as collateral minus 1 month. |
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Other Secured Loans
This loan type is for the purchase or refinance of personal assets to include, but not limited to: ATVs, jet skis, snowmobiles, pull-behind trailers, travel trailers and UTVs. In addition, an auto or truck with a clear title may be used for cash out refinances. Loan rates are based on your credit worthiness.
| Term (in months) | APR % (as low as) | Monthly Payment (per $1,000 borrowed) |
|---|---|---|
| 36 | 7.54 | $31.12 |
| 48 | 7.54 | $24.20 |
| 60 | 7.54 | $20.06 |
| 72 | 7.79 | $17.43 |
| Rates effective: 2/1/2023 APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness. Lowest rate qualification also requires automatic monthly loan payments. |
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Not a member of Tower Federal Credit Union yet? See if you are eligible to join!
For further assistance, please visit a branch or call our Member Service Center at 301-497-7000 or 866-56-TOWER.