In a rising rate environment, avoiding higher interest rates doesn’t have to be a game of chance. With a few strategic moves, you can skip the rate hikes and take advantage of loan products for high interest debt. Take a look at a few ways Century Credit Union can help you get beyond rising rates.
1. Tap Into a home equity line of credit (HELOC)
If you’re a homeowner, your equity can offer you an interest-rate reprieve. Consider this, the average credit card’s annual percentage rate is sitting between 20.35% and 27.31% APR^. Our Home equity line of credit is based on prime and currently offers you 8.00% APR* for up to a 15-year term. Once approved, you can tap into the line any time you choose to pay down higher interest.
2. Pick a Century preferred equity loan
Our Preferred equity loan, similar to a home loan, let’s you request a total amount of funds for a 5-, 10- or 15-year term. You’ll get the full loan amount up front, so you can access your cash all at once. Rates range from 7.25% to 8.00% APR* and vary over the life of the loan.
3. Fix your interest with a fixed-rate Equity Loan
Another option to give you access to a lump sum at a lower interest rate is our Fixed Rate Equity Loan. You request the amount needed, and once approved, your total loan is available to you to use how you choose. Rates range from 7.50% to 8.25% APR* and are fixed over the life of the loan. Use it to skip the strain of higher interest and department store revolving credit accounts.
4. No Equity, No Problem
High-rate solutions aren’t just for those with equity to spare. Our DebtBuster – No Equity Loan gives you a fixed rate for five years so you can get out from under higher interest rates. Currently offering an 11.00%* APR in a five-year payback plan. You can get beyond higher interest and take control of your financial picture with this debt-busting solution.
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^APR = Annual Percentage Rate. Average interest rate on new credit cards in the U.S. according to LendingTree as of 4/21/2023.
*APR = Annual Percentage Rate.
Rates are subject to change at any time. Rates effective as of 4/1/2023. Loan rates are determined by credit score. Rates listed are the lowest rates possible. These rates include a .25% discount for automatic payment.