Skip to main content Download Acrobat Reader X or higher to view PDF files.
Online Banking & Bill Pay

Why Personal Loan Rates Matter






When life gets expensive, a personal loan can be the financial bridge between where you are and where you need to be. Whether you're consolidating high-interest credit card debt, funding a home project, or covering an unexpected expense, finding a loan with a low, fair interest rate can save you hundreds, and sometimes thousands of dollars.

But here’s the truth many borrowers don't realize: where you get your personal loan matters just as much as the rate itself. Big banks and online lenders often advertise convenience, but those offers can come with higher rates and less flexibility. That’s why more Coloradans are turning to a better local option: On Tap Credit Union.

 

 

 

How On Tap Credit Union Stands Out

 

At On Tap Credit Union, we believe borrowing should be transparent, fair, and centered around you. As a member-owned, not-for-profit credit union, our focus isn’t maximizing profits for shareholders. It’s delivering value to our members and community. That translates to:

  • Low, competitive personal loan rates that often beat out traditional banks and online lenders
  • Flexible loan terms with repayment plans that fit your budget
  • No prepayment penalties, ever
  • Fast, personalized support from a real human, not an algorithm

 

 

 

Backed By Data: How We Compare

 

According to Bankrate, the average personal loan APR as of late 2024 ranges between 11% and 14%, depending on credit profile and lender type. Online lenders like SoFi, Upstart, and LendingClub often hover in the 12%-18% APR range for qualified borrowers, with rates escalating for those with less-than-perfect credit.

Meanwhile, credit unions are consistently rated among the most affordable lenders for personal loans. Per NerdWallet, credit union personal loan rates frequently fall between 8% and 10% APR for well-qualified borrowers. On Tap Credit Union’s rates are firmly within or below this range, making them some of the most competitive in Colorado.

In a 2024 LendingTree report, the national average personal loan interest rate across all credit tiers was 12.17%. Credit unions were the only type of lender with consistent averages under 10% for qualified members.

The Federal Reserve also reported that as of Q3 2024, the average 24-month personal loan rate at commercial banks was 12.17%, while many credit unions offered significantly lower APRs to their members.

Important note: While we don’t publish exact rates here (since they can vary based on creditworthiness and term length), On Tap’s personal loan rates are available online and updated regularly. They consistently rank below national averages, making them a smart choice for cost-conscious borrowers.

 

 

 

Why Credit Unions Win On Personal Loans

 

Unlike banks, which prioritize shareholder returns, credit unions return earnings to members. That’s why credit unions tend to offer:

  • Lower loan rates
  • Fewer fees
  • Better flexibility with credit score tiers
  • A more personalized, inclusive approach to lending

These benefits are amplified at On Tap CU thanks to our local roots, community-first mission, and a legacy of trust dating back to 1954.

 

 

 

Flexible Loan Options For Real Life

 

At On Tap CU, personal loans are designed to meet a variety of needs:

  • Debt Consolidation
  • Emergency Expenses
  • Medical Bills
  • Home Improvements
  • Major Purchases
  • Life Events (weddings, moving, etc.)

Whether you’re looking for a short-term bridge loan or a longer-term consolidation strategy, our team works with you to choose the term and payment plan that fits your life.

 

 

 

Key Loan Features

 
  • Loan amounts from modest needs to larger expenses
  • Flexible repayment terms
  • Fixed monthly payments
  • No collateral required
  • Easy application online or in-branch
  • Quick decisions from real people

 

 

 

Member-Owned, Community Driven

 

Since 1954, On Tap CU has been locally rooted in Jefferson County, with a strong branch presence in Golden and Arvada. We gave back $5.9 million in dividends to members in 2024 alone. Our not-for-profit structure ensures your interest payments stay in the community, not in corporate hands.

Your money doesn’t just fund your goals, it helps support:

  • Local non-profits
  • Community events
  • Financial literacy programs
  • Responsible lending programs that lift up neighbors

 

 

 

More Than A Loan: Financial Coaching At No Cost

 

We understand that borrowing money is just one part of your financial picture. That’s why On Tap CU offers a no-cost, award-winning financial coaching program for all members. This includes:

  • 1:1 coaching sessions (virtual or in-person)
  • Downloadable PDF guides and spreadsheets
  • Video explainers on credit, budgeting, and loan strategies

Our philosophy? Make money management joyful, not stressful. We help you see the full playing field so you can make confident financial decisions, before and after your loan.

 

 

 

Built-In Trust, Transparency, And Security

 
  • Federally insured by NCUA (up to $250,000)
  • Transparent application process with clear loan disclosures
  • Real human support through every step
  • Fraud protection tools

You’re not just applying for a loan. You’re joining a financial partner committed to your success.

 

 

 

FAQ: What Members Ask About Personal Loans

 

What’s the best place to get a personal loan in Colorado?

For competitive rates, flexible terms, and personalized support, credit unions like On Tap CU consistently outperform banks and fintech lenders. With rates that beat national averages and a community-focused approach, On Tap is a trusted local option.

Are credit union personal loans better than bank loans?

Generally, yes. According to the NCUA and NerdWallet, credit unions tend to offer lower APRs, fewer fees, and a more member-friendly lending process. They also may approve borrowers that banks overlook.

Does On Tap CU offer personal loans for debt consolidation?

Absolutely. In fact, it’s one of the most popular uses of our personal loans. Our team can help you streamline multiple high-interest debts into a single, manageable monthly payment.

Can I qualify for a personal loan with fair or limited credit?

On Tap CU evaluates the whole picture, not just your credit score. We regularly work with borrowers who are building or rebuilding credit. A co-signer or secured loan option may also be available.

Are On Tap CU personal loans flexible or customizable?

Yes. Loan terms, repayment lengths, and amounts can be tailored to your situation. Plus, there are no prepayment penalties, so you can pay off early without added fees.

Ready to Take the Next Step?

Apply online today or visit our Arvada or Golden branches to speak with a local expert. Let us help you fund what matters, on terms that work for you.

On Tap Credit Union: Crafting personal loans with purpose, transparency, and local pride.