Loans

Personal Loans

Sometimes life leaves you a little short. Short of time to pay bills. Short of money to buy things you want or need. A personal loan can go a long way toward getting your finances back on track. 

Unexpected expenses? Apply for a personal loan online.

Pricey car repairs. Major medical costs. Tuition payments. Missed paychecks. CoVantage Credit Union understands there are a lot of factors that can throw off your short-term finances. That's why we offer our members in Wisconsin, Michigan, Illinois and elsewhere budget-friendly alternatives to title loans and payday loans with affordable rates and friendly terms. It's money that can help you deal with life's ups and downs.

Unsecured Loan

  • Borrow for up to 60 months
  • Lower loan rates as low as 9.990% APR
  • Fast loan approval process

Unsecured Loan Rates

Effective Date: May 30, 2025
Rate Term APR As Low As Monthly Payment Per $1000
9.990%0-369.990%$32.26
10.490%37-4810.490%$25.60
10.990%49-6010.990%$21.74

Share Secured Loan

  • Borrow up to the balance in your savings
  • Interest rate is 2% over what your savings account or certificate currently earns
  • Continue to earn dividends on the full amount in your account

Lifeline Loan

  • Finance up to $500 to make ends meet
  • Pay back automatically from your next direct deposit
  • Loan renews after each payoff

Credit Builder Loan

  • Loan proceeds are deposited in a savings account at CoVantage
  • Interest rate is 2% over the rate being paid on the savings account
  • At the end of the period, you have a savings account, which could be used for any purpose
  • Develops a positive credit history, which will aid in future loan applications

Payments can be made more frequently on personal loans, vehicle loans, or credit cards. Mortgage payments are only accepted monthly.

CoVantage will mail a packet with loan information to every borrower, so watch your mailbox! If you provided an email address at the dealership, you will also receive an email with that information approximately one week after the loan closed. Please note that the loan may not close until one to three days after you sign at the dealership.

You can use MyCoVantage digital banking and mobile app to set up automatic payments from your CoVantage checking or savings account OR from another financial institution (also called an External Transfer). Set-it-and-forget-it using the Transfer/Pay feature today!

To set up a transfer from another financial institution within MyCoVantage, navigate to the Transfer/Pay tab, then select Manage External. Before you can set up a one-time or recurring transfer, you will need to Add a New External Account and create an account nickname you can use to reference the account within digital banking.

Once added, you will need to verify the account by confirming two small amounts to the external account. Then log into MyCoVantage and go back to the Transfer/Pay tab, select Manage External and enter the trial deposit amounts that were sent to the external account. After completing this step, the external account will be ready to use within Transfers.

Please note: External Transfers are not immediate, they are processed in 1 to 3 business days from the date scheduled, provided they are scheduled by 4pm. For example, if you have a loan payment due on Friday, January 15, you will want to schedule the transfer at least 3 business days prior, Tuesday, January 12, to ensure the funds are received by that date.

Unfortunately, if your loan payment becomes 30 days past due, your status as a CoVantage “Member in Good Standing” is jeopardized, which could also affect any digital banking services.  In addition, late payments on loans and mortgages may result in a late fee or negative reporting to credit bureaus. To avoid late payments, set up automatic payments using MyCoVantage digital banking and mobile app.

As a financial cooperative, we depend on all our members to contribute to the credit union and uphold their obligations. It’s working together and sharing our resources that allow us to offer lower loan rates, higher savings rates, and the quality products and services that are a part of the credit union experience. If you are having financial difficulties, please contact our Member Solutions team at 800-398-2667, ext. 2404 to discuss repayment options.

Member Patronage Payments

Each year, our Board of Directors decides how much to set aside to cover deposit dividends, operating costs, and other needs, including investments in technology, so that CoVantage stays relevant and has the growth needed to stay financially strong. Extra revenues are then returned to our member-owners in the form of Patronage, which we've been making since 1980.