If you are in need of a personal loan then there is nothing to worry about. Today getting a personal is nothing new. There are a number of ways to get desired personal loans but one of the easiest and beneficial way to get a personal loan is through the credit union. Credit union personal loans are affordable and simple.
Credit union personal loans offer a relatively high limit of loans. Credit is not that big an issue if you fulfill other conditions. Credit unions personal loans have flexible interest rates. They offer a wide range of deals as well. Your lender helps you choose a deal and set rates that suit your income and conditions.
Types of Personal Loans by Credit Union
The credit union offers a wide range of loans. They also offer affordable personal loans.
- Personal unsecured loan
- Personal line of credit
What Are Credit Unions?
Credit unions are like typical banks except that the credit unions are operated by its members. The members do not work for profit but just to help their fellow members. There is a number of credit unions in one area. The members are mostly people who live in the same neighborhood or work in the same company.
Requirement for Credit Unions
To apply for loans from a credit union you need to be a member of the particular credit union. To become the credit union’s member you must meet certain criteria. The criterion is specified by the individual credit union.
You also must be 18 years or above in age. You must have a job for minimum 3 months. Your income should be stable.
How to Apply For Credit Unions
Once you become a member than getting an approval is easy and simple. You can apply for a loan through different ways. By phone or online or visiting the credit union store. In the application, you are required to provide your complete personal information. Also details of your employment and financial status. Once approved you are provided with money within few days.
Advantages of Getting Personal Loans through Credit Unions
- Credit union loans have a number of upsides to them. Compared to bank loans they are safer and fast.
- You can borrow from $5000 to $50,000 from personal unsecured loans. That is more than a lot of banks in the market.
- The interest rates are comparatively lower as well. You interest rates are between 13.49% up to 17.49%. These conditions are flexible as well.
- The payment duration is ways as well. You can pay your unsecured loan for a duration from 1 to 5 years.
- The credit union offers personal secured and unsecured loans. You can also get multi-purpose loans. There are multiple options for you to choose from.
- You can choose your own payment method. There is no restriction to payment method. You can pay it weekly or monthly.
- There are no additional fees. You can pay your loan early without penalty.
There are a number of pros to credit unions loans than bank loans.