Personal loans are a common way to pay for considerable costs like debt consolidation, medical bills, home improvements, vacations, and more because the interest rates are often lower than those on credit cards, and the loan amount may be as high as $100,000.

Installment loans are a type of debt that may be obtained without collateral but must be repaid in equal monthly payments plus interest over a certain period. A personal loan can be obtained in a variety of ways.

Some of the largest banks offer personal loans, which can be obtained through a few reputable internet lenders. Some credit unions may even provide you with a personal loan. We at Select have compiled four top credit union personal loans for your perusal.

Get The Best Loan Possible By Comparing Offers

It's a good idea to shop around for personal loans to discover the most significant interest rate and conditions that work with your budget. Even Financial uses the answers to these 16 questions to calculate the best deals for you. This includes personal information like your age, gender, and annual income. The service doesn't cost anything, is safe, and won't have any effect on your credit rating at all.

Navy Federal Credit Union

The minimum personal loan amount offered by Navy Federal Credit Union is $250, making it one of the most affordable lenders on this list. This makes Navy Federal Credit Union a good option for people who need a little loan but don't want to commit to a more significant sum of money than they need.

You can repay your loan in as little as six months, significantly shorter than the repayment terms offered by the other lenders on this list and most personal loan lenders. You can save more money in the long run if you choose a shorter payback period, but you may have to pay more each month.

Personal loans from Navy Federal Credit Union are only available to current or former members of the armed forces and current or former Department of Defense employees and retirees.

Alliant Credit Union

Like several other lenders below, Alliant provides personal loans with maximum loan amounts of $50,000. Additionally, this financial institution offers a wide range of customization options for its unsecured personal loans.

First, once the lender has verified your information and approved your loan application, they may often deposit the money into your bank account the same day. Alliant will send you a check if that is how you choose to get your money, though.

Alliant personal loans include variable interest rates based on the borrower's selected repayment schedule. According to their website, if you choose a loan period of 12 months from Alliant, you may be eligible for a rate close to the lowest APR.

Federal Credit Union of First Technology

When it comes to personal loans, First Tech has one of the most extended payback periods on this list, allowing borrowers up to seven years to pay back their debt. Borrowers have a wide range of options, from borrowing as little as $500 to as much as $50,000.

You must become a First Tech member to apply for and receive funding. Lender eligibility is contingent on your meeting the following additional requirements: If you or a family member work for a firm on First Tech's partner's list, reside or work in Lane County, Oregon, or are members of the Computer History Museum or the Financial Fitness Association, you are still eligible to apply for membership in First Tech Credit Union.

First Tech is unique among lenders because it allows borrowers to delay their first payment for up to 45 days from the funding date. This is ideal for borrowers who need cash quickly but would benefit from some breathing room before they start making payments.

Individual Loans from PenFed

You may get a personal loan from PenFed to pay for anything from medical bills to home renovations to a new car. Borrowers applying for a loan should have a good or exceptional credit score.

Although this lender prefers applicants with excellent credit scores, they accept applications with a co-applicant. If you apply with someone with a higher credit score, you may be able to secure financing at more favorable terms than you would have otherwise been able to obtain on your own.

The minimum loan amount available is $600. Personal loans from most banks start at $1,000, but PenFed's lower minimum might appeal to borrowers who don't require a considerable sum of money.