Is a Closed End Personal Loan Right for You?
In addition, for those of you who prefer a set payment with an ending date, we have closed-end personal loans up to $20,000. You may also borrow against your 705 FCU savings account (regular shares only).
Closed End V. Open End
- Closed End Personal Loan: An example of a closed end personal loan is a debt consolidation loan. This loan has a set term, amount, and interest rate agreed upon closing of the loan.
- Open End Personal Loan: An example of this loan is a credit card or line of credit. With either of these products, the option is a little more fluid. The rate remains consistent, but the amount of the payment changes based on what you owe the credit union.