- Fixed interest rates with predictable monthly payments
- No collateral required
- Various loan terms
Whether you’re planning a big purchase, need flexibility for the unexpected, or are ready to hit the open road, the right loan can make all the difference.
Sometimes life brings unexpected expenses or opportunities that require extra financial support. Whether you’re consolidating debt, covering medical bills, or funding a major purchase, a personal loan can provide the flexibility and peace of mind you need.
Designed to meet your unique needs and put you in control of your financial journey.
Individuals needing immediate funds for larger, one-time expenses.
Ideal for those who want flexibility and access to funds on an ongoing basis.
Adventure seekers looking to finance their next motorhome, camper, boat, or trailer.
Individuals looking to finance the purchase of new or used vehicle.
Personal loans can be used for a variety of purposes, such as consolidating debt, covering unexpected expenses, financing home improvements, or paying for major life events like weddings or medical bills. Some restrictions may apply, please consult with an Alerus advisor.
A secured personal loan requires collateral, such as a car or boat, which the lender can seize if you fail to repay the loan. An unsecured personal loan does not require collateral, but often comes with higher interest rates due to the increased risk to the lender.
Personal term loan interest rates are fixed. A fixed rate remains the same throughout the life of the loan, providing consistent monthly payments. A personal line of credit has a variable interest rate. A variable interest rate can change over time, which may result in fluctuating payment amounts. Rates are typically based on your credit score, loan amount, and the lender terms.
