Loans

Personal Loans

When life leaves you a little short, a personal loan can go a long way toward getting your finances back on track. Explore our Unsecured Loans, Share Secured Loans, Lifeline Loans and Credit Builder Loans.

Unexpected expenses? Apply for a personal loan online.

From pricey car repairs to medical bills and tuition payments, there are a lot of factors that can throw off your finances. That's why we offer low-interest personal loans as safe alternatives to the high fees of payday loans and title loans. With fixed interest rates, flexible amounts, and friendly terms, our credit union personal loans give you a smarter way to cover short-term financial needs.

Apply for a personal loan online now or visit CoVantage Credit Union in Wisconsin, Michigan or Illinois today. We offer convenient branches everywhere from Appleton, WI to Mokena, IL and many other convenient locations.

What type of personal loan is right for you? Check out our options:

Unsecured Loan

If you have good credit but don’t have assets to use as collateral, an unsecured personal loan might work for you. Unsecured loans have predictable repayment schedules and can be a good tool for debt consolidation.

  • Borrow for up to 60 months
  • Lower loan rates as low as 8.99% APR
  • Fast loan approval process

Unsecured Loan Rates

Effective Date: October 21, 2026
Rate Term APR As Low As Monthly Payment Per $1000
8.99% 0-36 8.99% $31.80
9.99% 37-48 9.99% $25.36
10.99% 49-60 10.99% $21.74

Share Secured Loan

What is a share secured loan? It’s a special type of credit union loan that allows you to use a savings account as collateral. This loan is also a great way to help build good credit.

  • 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

If you need some quick cash to pay for emergency car or home repairs or other unexpected bills, this personal loan might be the financial lifeline you need. Sometimes called a microloan, these smaller dollar loans offer flexibility and fast approvals.

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

Credit Builder Loan

Bad credit or no credit? Build and improve your credit record with a Credit Builder Loan. This type of loan shows lenders that you can handle debt responsibly and helps you qualify for credit cards, mortgages and other financing down the road.

  • 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.