Short Term Loans: Making Them Work

Credit Union Loans And Rates

Financial well-being may be one of the main objectives that a local credit union upholds. Loyal customers who have been in good standing with their credit union may be eligible for a loan that offers fair repayment rates. 

A Smaller Consumer Base

One reason that people may choose to open an account through a credit union may be due to the smaller amount of clientele they serve. A credit union may serve a particular region or may be part of a moderately large enterprise that has multiple branches. The personalized services that a credit union offers may persuade someone into opening an account through them, in lieu of opening an account at a large banking institution.

Banking services that are offered through a credit union are often similar to what a bank offers. However, a credit union may offer better rates and flexible loan repayment options. A credit union may offer Christmas clubs, direct deposit services, savings and checking account incentives, and more.

Better Rates

If you are already a member of a credit union and haven't overdrawn your account or fallen behind on a loan, you may be eligible for a loan approval. A financial officer is someone who you can schedule an appointment with to discuss your financial health and your monetary needs. Loans may be approved for personal or professional reasons. A loan can be acquired for a home improvement project, business expenses, or the purchase of a home or a business.

Each loan type may come with varying rates that are based on the repayment terms and your personal credit-worthiness. A financial officer will look up your history with the branch you are seeking a loan through. They will guide you toward applying for a loan that you will be the most likely to receive approval for. A loan packet will highlight the credit union rates that you will be charged in the chance that you are approved for a loan.

A financial officer may go over the loan modification process with you too. If you are approved for a loan and have difficulty paying it back, there may be the opportunity to apply for a loan modification. A modification could lower your monthly payments, defer your payments and interest, and alleviate some of the past-due loan amounts that you owe. Before you fill out any paperwork, take the time to review all the loan types and credit union rates that apply.

About Me

Short Term Loans: Making Them Work

People warned me about taking out short-term loans, especially payday loans. What I found is that if I manage them responsibly, they come in very handy. On more than one occasion, these simple loans have helped me out of difficult situations. They took care of emergency car repairs, and provided the cash I needed to pay bills and avoid incurring late fees. I always repaid them on time, and the lender rewarded me by increasing the limit on how much I can borrow. If you are thinking of securing a payday loan, let me tell you what to look for in a lender. I'll also help you understand the commitment that you are assuming. With responsible use, I know you will find these loans as helpful for you as they've been for me.


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