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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Loans and Rates
A Personal Loan offers a fixed term up to 60 months with a low interest rate. This option is usually better than using higher-rate, revolving credit cards because you will pay it 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 monthly payment amount, making it easier to budget. 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 (PLOC) are a great tool for unexpected life events. The funds are there when you need them and even when you don't. When you pay it 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 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. 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.
Table data for Personal Loan Interest Rates
|Personal Line of Credit (variable rate)
|Personal Loan Special (fixed rate)
||up to 12 months
|Personal Loans (fixed rate)
||up to 24 months
||up to 60 months
|Secured Loan (fixed rate)
||up to 60 months
*APR=Annual Percentage Rate. Subject to creditworthiness. Estimated monthly payment per $1,000 borrowed is $85.61. Rates are based on an evaluation of applicant credit. Final rate may vary at closing. New loans only; internal refinances not eligible.