Financial Education Resources

When it comes to managing your finances, having a plan for both long-term and short-term goals is essential. While saving for retirement and college funds are often at the forefront of financial planning, there are also those nearer-term expenses that require attention, such as funding a wedding, tackling home repairs, or setting aside funds for emergencies.

Despite our best efforts, life sometimes throws unexpected curveballs our way. Whether it's a sudden change in employment status or an unforeseen expense, these situations can disrupt even the most carefully laid financial plans. This is where a personal loan can come into play as a viable option to help bridge the gap.

Personal loans offer flexibility in usage, whether it's for planned expenses or unforeseen emergencies. From covering unexpected medical bills to securing a new apartment with upfront costs like broker fees and first/last month's rent, the funds are at your disposal to allocate as needed.

Before diving into the realm of personal loans, it's crucial to weigh the pros and cons. While personal loans may offer lower monthly payments compared to credit cards, ensuring that these payments align with your budget over the loan term is paramount. Additionally, consolidating high-interest credit card debt with a personal loan could potentially save money in the long run, all while improving your credit score through timely repayments.

However, it's essential to approach debt with caution, understanding its implications on your overall financial health. Taking on a personal loan should be a carefully considered decision, made with full awareness of its impact on your financial situation.

Moreover, it's wise to be mindful of how credit inquiries can affect your credit score. While checking your own credit report has no impact, applying for credit triggers a hard inquiry, which can temporarily lower your score. Keeping track of these inquiries and minimizing unnecessary applications can help maintain a healthy credit profile.

A personal loan can be a valuable tool when used judiciously to meet financial needs. By assessing your financial situation, understanding the terms of the loan, and prioritizing responsible borrowing, you can make informed decisions that align with your goals and aspirations.

Fidelity Bank offers both unsecured and secured personal loans. Secured loans are backed by your Fidelity Bank CD or savings account, which means you can lock in a higher loan value and more competitive rates, while an unsecured loan does not have collateral backing. Choose the loan that's right for you, and apply today!

Secured Loans

• $1,000 minimum
• 100% maximum LTV
• Rates and terms vary by certificate of deposit or savings account

Unsecured Loans

• $1,000 minimum
• $50,000 maximum
• Flexible repayment terms

You can check rates for a Personal Loan by Fidelity Bank before applying and it won’t affect your credit score – we do what’s called a soft credit check. It’s only when you complete the application process that a hard credit pull will be performed, which may affect your credit.

Check Your Rate (will not affect your credit score)

Apply Now

How Quickly Can I Pay Off My Loan?

Ultimately, you can reduce how much you pay toward your personal loan, if you calculate the right amount of money to pay each month. This calculator will help you see how long it will take to pay off your personal loan using your loan’s interest rate and the amount owed.

First, enter the balance for your personal loan and a down payment amount. Then, adjust the Loan Term and Interest Rate sliders to reflect the details on your personal loan. When finished, adjust the Added Monthly Amount slider to reflect how much you can save by paying above the minimum payment.

Disclaimer

Fidelity Bank has partnered with Banzai to bring you financial educations to our clients. W hile we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.