Loans From Banks & Credit Unions

Loans From Banks & Credit Unions

These loans might not be the fastest options out there, but if you have a decent credit score they can offer good interest rates. But if your credit score is low you might have trouble getting approved for this option. In fact, many borrowers with good credit scores who need to borrow money long term opt for bank or credit union loans. 

The process for applying for these will be similar to the other types listed above. However, applying for these loans could potentially be more involved than a payday or pawn shop loan. This means they may need more information than some short-term lenders.  This is because many lenders will want to make sure they can trust borrowers to repay the loan.

If you have a credit score that’s decent or good, then these may be options you’ll want to consider for a personal loan. Just make sure you collect all of your financial information ahead of time to save yourself some time. 

Sometimes credit unions will be willing to work with borrowers even if they have less-than-perfect credit. To find out, you’ll need to give them a call to ask questions. You’ll likely need to be a member of the credit union first. 

1. What is the best long-term borrowing option for someone with a good credit score?

Payday loans

Bank or credit union loans

Personal loans

Student loans

2. What is the process for applying for a loan more involved than a payday or pawn shop loan?

Applying for these loans will be similar to the other types listed above.

Many lenders will want to make sure they can trust borrowers to repay the loan and may need more information than some short-term lenders.

Many lenders will not offer this type of loan.

Applying for these loans could potentially be faster than a payday or pawn shop loan.

3. What is the process for applying for loans that could be more involved than a payday or pawn shop loan?

A high credit score is necessary to qualify for the loan.

Many lenders will want to make sure they can trust borrowers to repay the loan, so they may need more information.

The application process requires money up front.

Loans are administered quickly and with minimal hassle.

4. Which of the following is not a possible option for someone considering a personal loan?

Collecting all of their financial information ahead of time

Applying at a credit union

Having less-than-perfect credit

Having a decent or good credit score

5. What should you do before applying for a personal loan?

Have decent or good credit.

Collect all of your financial information.

Save time.

Approach credit unions.



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