A signature loan is a loan with no collateral – it is unsecured.  The signature loan decision is based solely on the member’s overall credit picture which includes the amount of credit, length of credit, job stability, and payment history as well as an evaluation of the member’s debt-to-income status.  Signature loan amounts vary depending on the member’s credit from $500 minimum up to $20,000.  Terms are based on the amount of the loan and range from 12 months to 60 months. The purpose for the loan can be anything from vacation to car repairs.  Applications can be made via phone, internet, or in-person in any SONEPCO branch.

Product Features:

• Minimum loan amount is $500.
• Minimum loan term is 12 months.
• Maximum loan amount is $20,000.
• Maximum loan term is 60 months.
• No pre-payment penalty for paying the loan off early.
• No collateral or security - loan is based solely on the member’s overall credit picture.
• Can apply in person, by phone, or via website.
• Automatic payments or payroll deduction can be set up.

Product Benefit:

• Cost Effective – rates are generally lower than most credit card rates.
• Easy – easy to apply and once an application is on file future loans are fast and require no signature.