Personal Loans

When it comes to borrowing, First Commonwealth offers you options.  For members who may not have enough equity or who don't own a home, an affordable choice to borrow is a personal loan or personal line of credit.  Depending on your lifestyle and needs, you can choose a fixed term or a line of credit.  If you're interested in keeping your savings strong but would like to have cash for an immediate need, you can borrow against your savings with a Secured Loan and enjoy our lowest personal loan rate.  The choice is yours at First Commonwealth!

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Personal Loans

A Personal Loan offers a fixed term up to 60 months with a low rate.  This option is usually better than using higher-rate, revolving credit cards because you will pay if off in a shorter amount of time and the rate is lower than most retail cards on the market.  You'll also enjoy a fixed payment amount, making it easier to budget from month to month.  You can borrow up to $20,000 for whatever need arises.

Personal loans can be used for practically any purpose: veterinary care, back to school needs, vacations, holiday spending, or even new appliances.  You can consolidate loans from high-rate retail cards or other loans - often helping your monthly cash flow.

Personal Lines of Credit

Personal Lines of Credit are a great tool for unexpected life occurrences.  The funds are there when you need them and even when you don't. When you pay if off, it will be ready to use again for the next need.  When you apply, you can even ask to have the line tied to your checking account to act as overdraft protection.  You'll rest easy knowing you won't incur Overdraft or Courtesy Pay fees, provided you have not reached your loan limit.   

Our lines of credit have a maximum draw of $10,000 with a low, variable rate. 

Secured Loans

Secured loans are fixed-rate loans secured with a savings account or certificate you have with First Commonwealth.   There are several reasons these types of loans may be helpful:

  • There is no need for a credit report
  • Your savings will not be used unless you default
  • There are no penalties for prepayment
  • You can have multiple secured-loans
  • The rate is fixed and one of the lowest we offer
  • Builds credit for new borrowers
  • Same low rate regardless of credit score

You can borrow up to 100% of the available balance in the savings fund from which you have secured the loan.  Terms can be up to 60 months or the remaining term to maturity if you are borrowing against your certificate.  Repaying the loan is easy: you can select your due date and use free automatic transfer from a First Commonwealth account.  You can even choose low-cost life, disability and involuntary unemployment payment protection for added peace of mind.

Please note:  Custodial, IRA, Trust, or Representative Payee accounts cannot be used as collateral for a Secured Loan.   Funds used as collateral must be on deposit with First Commonwealth for at least seven calendar days prior to requesting the secured loan.

 

 

Rates

Printable Rates

Personal Loan Rates

  •  06-23-2017
Type Term APR (as low as)1 Alert Me
Personal Line of Credit (variable rate) N/A 9.75%
Personal Loan Special (fixed rate)2 up to 12 months 4.99%
Personal Loans (fixed rate) up to 24 months 8.99%
up to 60 months 9.99%
Secured Loan (fixed rate) up to 60 months 3.25%
  • 1Rates are based on an evaluation of applicant credit. Final rate may vary at closing.
  • 2$2,500 Maximum

Resources

Free education and resources for our members.

Calculator

Personal loan calculator with payment protection options.

Calculator

Look at a variety of loans.  Change your monthly payment, loan amount, interest rate or term.

Calculator

Helps you determine if debt consolidation is right for you.

Personal Loans & Lines of Credit Forms

Request a limit increase for your line of credit 

Request to change or close  PLOC account

Overdraft protection setup form