Personal Loans

Sometimes, life comes at you fast. Whether you have an unexpected expense or need to make a bigger purchase, we have a personal loan for YOU.

Easy – We’ve made the application process easier than ever! You can apply for most of our personal loans online or over the phone, and many of our branches have dedicated Loan Officers ready to help you apply!

Quick – Our loans are processed in-house, so there’s no waiting on an out-of-state committee to make the decision. Many times, you will receive your answer on the same day as your application!

Convenient – We offer multiple ways to pay your loan, so you can get back to life.

CREDIT BUILDER LOAN¹

Let us help you pave the way to a better credit score! With KTVAECU^® Credit Builder Loan, you can help build or rebuild your credit score. Credit scores are important because they enable you to unlock life goals like buying a car or home. A good credit score leads to many savings and financial benefits, including access to loans and credit cards with the most favorable terms.

How it works: With KTVAECU Credit Builder Loan, you can borrow up to $3,000.00 at a low rate of 2.00% APR* above the dividend rate. This borrowed amount is set aside for you in a secured savings account while paying off the loan. Each time you make a monthly payment towards your loan, the payment amount minus the interest charged becomes available to you in your account.

NO upfront cash needed
NO initial deposit needed
NO down payment needed
NO credit score minimum requirement

As each month's payment is made as agreed towards your Credit Builder Loan, KTVAECU will report it to the credit bureaus to help build or rebuild your payment history. Payment history makes up to 35% of your credit score, and on-time payments positively affect your credit score. It may take up to 6 months of on-time payments before you start seeing the payment history potentially make an impact on your credit score.

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Your Credit Builder Loan helps you save too! The money you initially borrow is set aside for you in a secured savings account. You will earn dividends while helping to build or rebuild your credit score!

No monthly fee with eStatements²
Withdraw available funds any time
Dividends accrue daily; compound quarterly

Watch your credit score grow with FREE Credit Score³ in online banking or the mobile app! LEARN MORE

Share Secured Loans⁴

Share Secured Loans are another way to build or rebuild credit while also being extremely low risk.

How it Works: With a Share Secured Loan, you pledge a matching amount of funds in your account. We put these funds on hold and give them back to you in the form of a loan. As you pay off your loan, the funds (minus interest) become available in your account. You can also use an item as collateral, such as a vehicle, boat, or other personal property. Because your loan is “secured” by funds in the account or collateral, the risk is low. Just like the Credit Builder Loan, each time you make a payment, we report it to the credit bureaus, which will build your credit. Your funds will also accumulate dividends, depending on which savings account or certificate you have it in.

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Signature Loans⁵

Signature Loans are one of the most versatile loan products we offer. They can be used for vacations, furniture, car repairs, and much more!

How it Works: When you get a Signature Loan, you borrow all the funds at once and pay it back over a predetermined period of time. Signature Loan are an unsecured personal loan, so you don’t need to have matching funds or collateral. KTVAECU offers a low fixed rate for 12- and 24-month terms. Approval and limits are based on credit score and financial soundness.

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Salary Advance Loans⁶

Life happens, and sometimes you need cash faster. If you need cash now, a Salary Advance Loan is a smart alternative to check-cashing or payday lending services because a Salary Advance Loan is more than just quick cash. At KTVAECU, a Salary Advance Loan is paired with a Salary Advanced Savings account so you can get ahead.

How it Works: A Salary Advance Loan allows you to get an “advance” on your paycheck in the form of a loan. You can borrow a minimum of $100.00 up to the maximum amount of $500.00 against your future paycheck at 10.00% APR*. There is no grace period for the Salary Advance Loan. The loan is automatically paid off with your upcoming direct deposit.

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PAYMENT PROTECTION WITH LIFE PLUS⁷

Life is unpredictable. Debt Protection with LifePlus offers a safety net for your loans during unexpected life events such as illness, hospitalization, loss of life, and more. Debt Protection can be added anytime during the life of the loan and can offer peace of mind for yourself and your family members.

For more information or to add Payment Protection, call us at (865) 544-5400.

Skip-A-Payment⁸

Member accounts in good standing can apply to Skip-A-Payment for a $35.00 fee after making at least three payments on their loan. Skip-A-Payment can be used two times per 12-month period.

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¹APR = Annual Percentage Rate. APR based on dividend rate of account being pledged, rounded to the nearest 0.25%. Terms up to 36 months. Minimum payment $25.00 per month. Rates subject to change. Rate can change after consummation. Membership must be 90 days or older to qualify. Some restrictions may apply. Ask for details. Payment example for Regular Share Account: 36 monthly payments of $86.26 per $3,000.00 borrowed.
²Receive a paper statement in the mail for $2.00 per month or enroll in free eStatements (electronic statements). Members under the age of 18, Senior Member Accounts, and department SSI excluded. Ask for details.
³Credit Score available for primary account holder only. Some restrictions may apply. Ask for details. Message and data rates may apply from your wireless carrier.
⁴APR = Annual Percentage Rate. APR based on dividend rate of account being pledged, rounded to the nearest 0.25%. Minimum payment $25.00 per month. Rates subject to change. Rate can change after consummation. Rates based on creditworthiness. Some restrictions may apply. Ask for details.
⁵APR = Annual Percentage Rate. Some restrictions may apply. Rates based on creditworthiness. Ask for details.
⁶APR = Annual Percentage Rate. Direct deposit(s) cannot be combined. Term up to 31 days from the date of disbursal, determined by direct deposit date of upcoming payroll. Upfront loan fees start at $7.50 for the first $100.00, with an additional $1.50 for every hundred dollars after, or $0.75 for every fifty-dollar increment. Fee example: A $200.00 loan incurs a $9.00 fee. Repayment due date is based on the Member's next direct deposit date and cannot exceed 31-days from the date of disbursal. If loan is not paid in full by the due date, the APR will increase to 18.00%. Member must be 18-years or older. Representative Payees cannot request a Salary Advance Loan using the Beneficiary’s social security benefits. Members may make a request for subsequent Salary Advance Loan only if the previous loan has been paid in full. Debt protection coverage is not available on Salary Advance Loans.
⁷Payment Protection with Life Plus Service is available through third-party partner CUNA. Must be age 18 or older to apply. These products are optional. Insurance products are not a deposit or obligation of or guaranteed by Knoxville TVA Employees Credit Union or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. Some exceptions apply. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries, and affiliates. Payment protection products include debt protection products available through the credit union and MEMBER'S CHOICE credit life and credit disability insurance underwritten by CMFG Life Insurance Company.
⁸Skip-a-Payment Disclaimer - Skip-A-Payment is not valid on real estate loans, business loans, line-of-credit loans, or credit cards. $35.00 fee applies to each skip-a-payment. All qualifying loans must be current and in good standing. Maximum number of 2 skips are allowed per rolling 12-month period. Back-to-back skips are allowed if qualifications are met. Ineligible loans will not be deferred. Credit Union will not be responsible for any payments, deposits, or other communications of forms lost in the mail. Skip-A-Payment is subject to Credit Union approval. By utilizing Skip-A-Payment, you acknowledge that KTVAECU will be extending your loan and final payment by one month on each loan designated. Interest will continue to accrue on your loan during the month that you skip your payment. If a GAP Waiver insurance policy was purchased at the origination or during the course of the loan, doing any Skip-A-Payment may have an adverse impact as to how a GAP claim is paid by the GAP insurance carrier. The Credit Union will not be liable for any denial of GAP benefits created by Skip-A-Payment products.