Personal Loans and Lines of Credit
Understanding your Personal Loan
Great question! The initial account you have with the credit union is known as a "Share" savings account. So... a share secured loan is a loan that is matched and guaranteed by funds on deposit in a share account.
For example, let's say you have $5,000 in your share savings account and you want to take out a loan against that amount. Your loan amount is $5,000 and your rate would be 2.50% added to whatever rate your share account is paying for dividends. These loans are a great way to build credit history.
Yes, SouthPoint offers personal loans called Member Loans. A member loan is a loan secured with your good credit--without any collateral. Whether you need the funds for vacation, an emergency car repair, or any other worthwhile purpose, the credit union offers these loans at rates and terms you can afford.
Apply for a Member Loan today!
SouthPoint does offer consolidation loans for our members to consolidate bills and pay off other debts. There are several options available to most members. This may include personal loans, home equity loans/lines, or even a first mortgage.
The easiest way to find out what is best for your situation is to apply. A loan officer will contact you to discuss your options upon receipt of your application.
The credit union offers convenient options for you to apply.
- Loan Application: Using our mobile and online loan application, you can apply 24/7 from wherever you are. We'll even preapprove you for the loan in minutes if you qualify.
- Through VideoConnect: Monday - Friday from 8:30am-6:30pm and Saturday from 8:00am-Noon.
- Over the Phone: Our Member Advisors are trained to take your application Monday - Friday from 8:00am-6:00pm and Saturday from 8:00am-Noon. Just call them at 877-794-6712.
- In Person: You can always stop by one of our branch offices and meet with us personally.
If you would like to discuss options before applying, simply call our Member Solutions team at 877-794-6712. They are trained to assess your personal situation and decide what loan type fits best.
Yes, the Credit Union offers a line of credit that is not dependent upon having equity in the value of your home. This is called a Ready Reserve. It is a flexible, personal line of credit that is used as an overdraft protection but can also be used for other purposes and may be accessed at any time by using your debit card or checks.
Learn more or apply for a Ready Reserve on our Personal Loans page.
There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models.
Over 200 factors of a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical.
No matter what credit bureau or credit scoring model is used, consumers do fall into specific credit ranges:
- Excellent - 781–850
- Good - 661-780
- Fair - 601-660
- Unfavorable - 501-600
- Bad Below - 500
There are lots of interpretations of "good credit". If you have had credit difficulties in the past, the best way to find out if we can assist you is to apply for a loan.