- Charge you late fees
- Send your account to a collection agency
- Report your information to a consumer reporting agency, which may negatively affect your credit score
- Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
An article in the Washington Post indicates that employees who work for the federal government are facing personal financial difficulties. Since the furlough, many of these employees have only received half of their usual paycheck and have scaled back their expenses significantly. Some of them have had to resort to taking out loans to make ends meet. Here’s the article:
The paycheck federal workers have been dreading hit bank accounts across the region Friday, representing salaries cut in half for most idled employees. The next payday will be all zeros, and with furloughs dragging on, civil servants are settling into a financial crouch, slashing expenses, canceling vacations, tapping retirement savings and taking second jobs.
“We have no income coming into the house right now, but the bills haven’t stopped,” said John Ferris of Falls Church. He is in a two-furlough marriage; both he and his wife, Lena, are locked out of jobs at the Environmental Protection Agency. With both of their paychecks dwindling, the family of six has put a scalpel to the household budget.
They’ve cut out restaurants and expensive groceries. Gone are the motel stays at their kids travel softball tournaments; instead, they drive all night. But the most painful cut has been a furlough of their own, laying off their autistic son’s longtime reading specialist.
“He’s been with our family for years, and I love him to death, but I thought, ‘Wow, how am I going to pay him if we don’t have paychecks coming,’ ” Lena Ferris said. She worries that one of the shutdown’s lasting aftershocks could be her son’s having to adjust to a new tutor. “He needs money, too,” she said of the tutor. “I’m worried he’s going to start working for another family.”
Federal workers say they were hugely relieved by last week’s House vote to guarantee the missed pay after the furlough’s over. But that hasn’t eased their anxiety over the bills stacking up in the meantime. Some parents are stretching to pay for day care they don’t need just so they don’t lose their slots while waiting to go back to work. All around the region, the furloughed are looking for money to satisfy their creditors or begging them for more time to pay their bills.
“A lot of our members have been asking to skip a payment,” said Pamela Hout, chief executive of the Census Federal Credit Union. Her staff has been working a few hours a week at the nearly deserted Census Bureau headquarters in Prince George’s County to meet the demand. “We’ve been accommodating them; all they have to do is show us their [furlough] letter.”
The Ferrises, who lived through the shutdowns of the mid-1990s as young EPA staffers, moved fast to get cash, taking out a loan from their federal retirement program to cover the mortgage for two months. If the standoff goes longer, they will consider a second note on their house to keep bill-paying money on hand.
“I’m the kind of guy who really would be up every night worried about how to pay the mortgage,” John Ferris said.
Caroline Fernandez spent part of the week applying for unemployment benefits as a way to generate carry-over income while she and her husband are furloughed. She works on homelessness-prevention programs for the Department of Housing and Urban Development. Her husband produces reading material for the blind at the Library of Congress. The couple, who live in Takoma Park, never expected to find themselves struggling the way many of their clients do.
A free credit report provides you with valuable knowledge that can help you improve and monitor your finances. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies, Equifax, Experian and TransUnion, to provide you with a free credit report every 12 months. Enforced by the Federal Trade Commission, the FCRA advocates the “accuracy and privacy in the files of the nation’s consumer reporting companies”. Interested in getting free copies of your credit report? Here’s how the FTC says you should go about it:
Ways to Get Your Free Credit Report
- Go to Annualcreditreport.com
- Call 1-877-322-8228
- Complete the Annual Credit Report Request Form, available at ftc.gov/credit, and mail it to:
- Annual Credit Report Request
- Service, P.O Box 105281
- Atlanta, GA 30348-5281
- DO NOT contact any of the three nationwide consumer companies individually. Only contact the Annual Credit Report Request Service.
Requesting your annual credit report online is the fastest way to access it, because it becomes available immediately. If you order your credit report by phone, your report will be processed and mailed within 15 days. If you mailed a request, your credit report will be sent to you 15 days after the credit reporting service receives your request.
Information Annualcreditreport.com Will Need
- Address (you may need your previous address if you’ve moved in the past two years)
- Social Security number
- Date of birth
How Will a Free Credit Report Help Me?
Knowing your credit score is important; it affects whether you can get a loan, and how much you’ll have to pay to borrow that money. A credit report will help you verify that your credit score is accurate and complete before you apply for a loan, insurance, or a job. It can also help you guard against identity theft. The information it provides will help you tell if someone has your personal information and is using your money or ruining your credit score.
There are a variety of other reasons you can request a credit report. For example, if your application for credit, insurance, or employment was denied, you have 60 days to ask for a free credit report. You’re also entitled to a free report a year after you’ve been unemployed and plan to look for a job in 60 days, if you’re on welfare, or if your report is inaccurate because of fraud. If you’re not eligible for a free credit report, you can still ask for one. A credit report will cost you up to $10.50 per copy copy.
When examining your credit report, be on the lookout for errors. If you find inaccuracies or incomplete information in your report, contact the consumer reporting company and tell them in writing what information you think is inaccurate. The reporting agencies are legally bound to investigate your questions and “forward all the relevant data you provide about the inaccuracy to the organization that provided the information.” If the information provider discovers the disputed information is inaccurate, then it has to notify the nationwide consumer reporting agencies so they can remove the erroneous information from your file.
A free credit report can help you keep careful watch over your financial well-being. It’s your legal right to obtain this information, and you should take advantage of the leg up the FCRA offers. Use it to make sure that your identity is secure, and to monitor the health of your personal finances.
While there are many other websites that claim that to provide free credit reports, scores, or monitoring, many are not part of the legally mandated free annual credit report program. To avoid scams, always read the fine print on sites that ask for permission to access your credit information. Make sure that they aren’t going to charge you a fee or collect your personal information for their own gain.
 Federal Trade Commission . Facts for Consumers: Your Access to Free Credit Reports. 2008. Web. 10 Aug 2011.<http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34/shtm>.
 “Credit Report FAQ.” Experian. 2012: n. page. Web. 1 Feb. 2012. <http://www.experian.com/credit-education/credit-report-faqs.html>.
About the Author
Check ‘n Go, the 4th biggest consumer financial service institution in the US, offers check cashing, instant payday loans online, and cash advance loans as part of their commitment to ethical and responsible lending. Check ‘n Go has consistently set high standards for their payday loan and installment loan services to ensure that their customers continue to have options available for whatever financial circumstances come their way.
If you are in the looking to find low interest personal loans, you really need to know what your options are. There are many different types of lenders that have very different approaches to lending. There are many different terms that lenders offer. You need to know what to look for when trying to find the best personal loans. While this article focuses on low interest personal loans, this information will generally be transferable to other types of loans as well.
Most Important Loan Criteria
If you are looking for a loan, there are many different options available to you. There are three things to keep in mind when looking for a personal loan: how much do you want to borrow; how much can you afford to pay each month; how good is your credit. Let’s look at each of these issues.
How Much Do You Want To Borrow?
If you are looking for a personal loan, how large of a loan are you looking for. Are you looking for a short term personal loan for $500 or $1500 to help make ends meet? Are you looking to borrow $5000 as a debt consolidation loan? Are you looking for a $25,0000 loan to buy a new car? Perhaps you are looking for a $250,000 mortgage to buy a new house.
Personal loans are usually unsecured loans that do not have much (if any collateral). As such, lenders typically aren’t looking to offer significant loans of this nature. Therefore, lenders are usually only willing to offer personal loans for a few hundred to a few thousand dollars.
If you are looking for more money to buy a car, buy a home, open a small business, you would not be in the market for a personal loan. If you looking for one of those types of loans, you can get more information about those types of loans by searching the Internet. Simply go to your favorite search engine and enter the term you are looking for, for instance small business loans, or low interest mortgage.
Repayment Period For Low Interest Personal Loans
When you shop for low interest personal loans from any type of lender, you will need to make periodic (usually monthly) payments on your loan. Loan repayment periods can vary considerably. Personal loans from traditional lenders may offer you one to five years or longer to repay your loan. On the other extreme, payday loans usually need to be repaid quite quickly, usually within a month or so. Some payday loan networks, like 100 Day Loans might offer you slightly longer terms, but that depends upon your credit worthiness.
How Credit Worthy Are You?
It is very important to know how good or how bad your credit score is. When you submit a loan application, one of the first things most lenders will do is find out what your FICO score is. Your FICO score tells whether you have been good or bad at repaying your debts, historically. If you have defaulted on loans in the past, or you have missed any payments, or are late making payments to utility companies, credit card companies, etc., your FICO score will erode. The lower your FICO score, the worse the terms will be on your loan. If your FICO score gets too low, most traditional lenders will not be willing to loan you money. You will be deemed a bad credit risk. In those circumstances, you will only be able to obtain loans for bad credit risks, and have to seek out online payday loans.
Personal loan interest rates are dependent mostly on your FICO score. The higher your FICO score is, the lower your personal loan interest will be. We can not stress this enough. Do everything that you can do improve your credit score.
What Is Your Credit Score?
Do you know what your credit score is? You can obtain a copy of your credit score information from the three credit reporting agencies: Equifax, TransUnion, or Experian.
Low Interest Personal Loans From a Bank
Probably the first place you should look for a loan is from a traditional bank. Provided that you have good to excellent credit, most traditional lenders would be willing to offer personal loans. The first bank you should inquire with is your own bank – the bank where you do your day-to-day banking. If they turn you down, or if you would like to shop around for better rates with other lenders, check the major banks first. It’s easy to check with those banks. Again, just go to the search engines and enter terms like, Chase Personal Loans, or Wells Fargo Personal Loans. You can go to each of the individual banks and check out their rates individually. However this can be time consuming, An easier way is to go to one of the one stop loan shops. Good examples are bankrate.com where you can find the best rates that lenders are currently offering. You could also go to a lending network, like Lending Tree. They will shop you loan for you and find the best rates and best terms to suit your budget..That is definitely easier that applying for Chase personal loans and Wells Fargo personal loans one at a time.
Low Interest Personal Loans From a Credit Union
Today, many people are members of credit unions. Credit Unions are an excellent source of personal loans. Low interest loans are their specialty. The rates available from your credit union will usually compare quite favorably against traditional lenders. If your company offers you the opportunity, you should definitely give them a call and see what terms they offer.
Low Interest Personal Loans From a Credit Card
Obtaining cash from a credit card company is easy. Trying to obtain low interest personal loans from credit card companies is near impossible. Perhaps you believe that the interest rate that you are paying on your credit card balance for securing goods and services is high. Well, it might be. However, the personal loan interest rates from the credit cards companies is considerably higher. Credit card companies charge extraordinarily high rates for cash withdrawals or personal loans.
The interest rates presented by the credit card companies are often considerably higher than they are for personal loans from traditional lenders. Therefore, shopping at the credit card companies for cash should not be the first place that you go for a loan. Try to find a loan from a traditional lender before considering credit card loans.
Low Interest Personal Loans Via Peer to Peer Lending
Another good option is peer to peer lending. If you are unfamiliar with this type of loan, it is essentially borrowing money from other individuals or small businesses. There are people who act like banks and make loans to people in need. They make low interest personal loans to those people who are requesting loans. Like traditional lenders, they tend to spread their risk around. The way it is done with these lenders is that each person making loan will loan you a small portion of what you are looking to borrow. So if you are looking for a $5000 loan, it is possible that 100 different lenders will each loan you $50. You don’t have to worry about paying each of them back individually, the peer lending websites handle all of that for you. You just make one, monthly payment.
As with traditional lenders, the interest rates that you pay via peer lending are closely correlated to your FICO score. The better your FICO score, the lower your interest rate will be. Personal loan interest rates through peer lenders are frequently amongst the lowest that you will be able to get anywhere. Borrowing money this way is relatively new. Most peer lenders will not loan money to people with bad credit scores. You usually need to have a good to excellent credit score in order to borrow money through these sites. It is very hard to find peer to peer lending for bad credit risks.
Peer Lending Recommendation:
We recommend that you consider Prosper. They offer fixed Rates as low as 6.38% APR You can find these and several other peer lending sites by searching the Internet. We strongly suggest that you look into one or more of these peer to peer lending websites. If you would like to get a loan from Prosper, Click Here
Low Interest Personal Loans For Payday Loan Lenders
Probably the very last option that you should consider when shopping for low interest personal loans are signature loans. Signature loans (another name for payday loans) tend to offer the least favorable lending terms. Personal loan interest rates through these lenders are among the highest allowable by law. The repayment terms also tend to be far less favorable. You usually have to repay the loans, in their entirety very quickly – usually by the very next pay day (thus, their name…)
The only people who should even consider this type of financing are those people looking for loans for bad credit risks. People who have good credit should never consider these lending instruments. If you have no other choice, and need cash now, then consider these loans. However, do everything that you can do improve your FICO score so that you can obtain a more traditional loan in the future.
Recommended Low Interest Personal Loans
If you need cash now and are looking for low interest personal loans, first, determine what your FICO score is. This will give you a sense as to what types of loans you could apply for. If you have good to excellent credit consider banking loans like Chase personal loans, or loans from lending networks like Lending Tree. You might also want to check the rates for personal loans at your Credit Union or consider peer lending.
If you do not qualify for these loans and are looking for loans for bad credit risks, like signature loans or credit cards, do whatever you can to make these loans as small as possible and pay them back as quickly as you can. Low interest personal loans are usually reserved for those with good credit scores.
If you are considering payday loans, it is probably you need to get money fast and have exhausted all other options. 100 Day Loans offers a network of well over a hundred lenders who will enable you to get unsecured personal loans right away.
100 Day Loans For Bad Credit Risks
You have probably see advertisements for cash advance lenders and payday loan lenders. These types of lenders offer loans for bad credit risks. They can get you cash to help you solve your short-term cash crunch. You should only consider these types of loans is you absolutely need the loan and have considered all other options. Many of these lenders require that you repay the loan within 2 pay periods – that’s just 14 days. You might be able to request an extension, but that means that, more than likely, you will be confronted with additional fees. How are you ever supposed to get control of your money if the cash advance and payday loan lenders only provide you with fourteen days to repay?
Advantage of 100 Day Loans
This lending network has several lenders who offer longer repayment periods for your short-term unsecured loans. 100DayLoans.com provides a refreshing new idea sweeping the internet of disappointed payday loan users by providing them with a better option.
You can start your quest for an unsecured personal loan right now. There are 3 steps. That’s all it takes to get the ball rolling: Applying Now, Getting Approved, and Getting Your Cash. By means of their automatic system, they are able to seek out other lenders, Financial Firms, and Payday Loan Lenders than the competition for the highest loan amounts and the lowest interest rates. They could even give you personal credit lines of as much as $1K, along with a built-in Loan Finder which will find the best loan for you regardless of what your credit rating! Their structure is set to search more than 122 credit loan providers in order to find you the best 100 day loan. So fill out the application and apply at once!
Apply For 100 Day Loans
For 100 Days of Freedom, apply for your advance using their safe, two-step application form. Actually, at 100 Day Loans.com, they use VeriSign 128 bit encryption technology in the application! They ensure the safe transfer of your individual and financial information, so there is no need to be concerned.
Get Accepted For 100 Day Loans
Once you apply for one of those unsecured personal loans, can you believe that you can get your approval status immediately? That is absolutely the case. In fact, 80% of the people who submit an application for one of these unsecured personal loans will have their application approved.
Get Cash From 100 Day Loans
Once your application gets accepted — and again, an astonishing 80% of application will get accepted — the cash that you so desperately need will be quickly deposited into right into your bank account. How quickly? The cash will be deposited into your bank account within one hour. Is that fast enough?
Thus get your loan, and enjoy 100 Days of Freedom through which to pay it back. In reality, 100DayLoans.com guarantees this.
As we indicate all the way through this site, seeking lending, especially financing by means of a payday loan lender should be among the last choices which you contemplate. However if you are desperately seeking money and are considering those unsecured personal loans as an option, you absolutely must contemplate 100 Day Loans as an alternative. Click here to apply for one of those unsecured personal loans.
100 Day Loans Help You Get Money Fast, But…
You will be able to get money fast with 100 Day Loans. There are many advantages to using them. They have a really robust network of bad credit lenders which dramatically improves your chances of finding a loan, even if you have bad credit. However, the 100 day statement is essentially just the name of this lender. They are affiliated with a network of lenders. When you secure a loan from one of these lenders, the repayment schedule might mean that the note is due in 100 days, but it also may mean that the note is due in fewer days. In the worst case, it could be due as soon as payday lenders’ loans are due. And then there’s also the interest rates and fees. These can be considerable.
But if you need the cash, and you have exhausted all other options, then 100 Day Loans can help you to get a personal loan. Since they have a lot of bad credit lenders in their network the odds of you securing a loan are greatly improved. Therefore, if you are considering unsecured personal loans, and you have exhausted all other options, you might want to give them a try.
If you are in need of cash, a short term personal loan can certainly help to get you over the financial hump that you are presently experiencing. These loans will allow you to get cash quickly. Depending on the lender and their particular set of terms, you may be able to use the money that you receive from the lender for whatever purpose you desire. That means that you can pay off existing bills and consolidate them into one new loan, pay off near terms expenses like rent or utilities, or allow you family to have a comfortable holiday season.
You can obtain the cash that you need in order to help you to handle the surprise situations that come up in your life. If you are in need of a short term loan and don’t want to deal with having to go physically go to a bank and/or do not want to deal with the high costs associated with pay day lenders. Short term personal loan lenders can offer you installment loans.
A Short Term Personal Loan Really Can Help
Many short-term personal loan lending institutions will afford people the opportunity to get cash fast, they do so at a fairly steep cost. As was stated in the Green Bay Gazette, “…Using a credit card or signature loan for a home remodeling project is generally not a good idea because of the high interest rates associated with them…” This money does not come cheap. It should not be used for home improvement. Essentially, this money should be thought of as your last option. Which lender do you select? The total amount of fees and associated interest on loans can vary by 50% so you need to shop around.
They will work hard to get you the money that you need with payments schedules that are reasonable for you and rates that are superior to those that you might find from a pay day loan lender.
Here are a few advantages to this lender over other lenders:
Unlike a traditional bank loan, there is no paperwork, no long approval processes, and no waiting in line. Fill out a simple on line loan application and get an instant response as to whether or not your loan request has been approved. You can apply any time of day or night — and you can get from $250 to $2500 on the very next business day.
Unlike a payday loan, the lender offers terms that are typically 25 – 75% lower than payday loans. But their real benefit is their convenient payment options. You can pay off your short term personal loans in several installments – or pay it off completely at any time – with no penalties. The choice is yours.
There are personal loans for poor credit risks available more readily than you might realize. You can obtain a loan, regardless of your credit history. You may have the opportuntiy to obtain cash quickly, easily, and safely.
You can apply for a loan today, and have the money deposited into your account tomorrow. If you just need a little bit of money, you can borrow as little as $100. In fact, your can easily borrow as much as $1000, regardless of your credit history. Based upon your credit history, you may be able to borrow even more money than that.
Get cash for whatever reason. Everyone has their own personal issues to deal with. If you need cash, you can obtain the money that you need. This money can be used for any reason whatsoever. You can use the money to pay off your debts. One of the most popular reasons to borrow short term cash is to get money to pay off those first of the month bills, like rent or utility bills (i.e. gas, electric, cable, satellite TV).
Use Personal Loans for Poor Credit For Any Reason
Some people also use these short term loans as debt consolidation loans. You can borrow money to pay off credit cards or other debt obligations that you have. It’s much easier to pay off just one bill, especially if the interest rate is lower than your other debt obligations.
You do not have to use the money to pay off your debts. Personal loans for poor credit risks can be used for any reason, including treating yourself to something special. Maybe you want to purchase a flat screen TV, a new camera, or go on a weekend trip. You can use this money to help pay for these things, or for anything else that you can think of.
There are many lenders willing to make personal loans for poor credit risks. You need not despair. There is help available. Get the loan that you need right now.
You can borrow money. It’s very easy to apply for a loan. Just click the link below and fill out a very simple application:
Personal loans for poor credit risks are readily available. There is cash available for you to borrow. You just need to know where to look. We now have the information that you need to get a loan.
Signature loans can be difficult to obtain. The lower your credit score is, the less likely it will be that you will be able to secure a loan. In today’s difficult economic climate, lenders are even more cautious about who they are will to lend money to. As an alternative to traditional banks and other lenders, more and more people are looking into a new type of lending — peer-to-peer lending, also known as social lending. Peer to peer lending is made up of individuals and small businesses that are willing to make loans to other individuals and other businesses. In today’s market place where lenders are much less willing to loan money to people who they feel are high credit risks. This field is growing rapidly. As we mentioned previously, the Securities and Exchange Commission (SEC) has increased the regulations upon the social lending companies.
Peer-to-peer Lending With Good Credit
Borrowers who have a good to excellent credit score are able to apply for, and are likely secure personal loans from peer to peer lending sites for $1,000, $5,000 or even more, if their credit scores are good enough. Some of these peer to peer lending companies even offer up to $25,000 or $30,000. Besides being able to secure a loan when other lenders might not be willing to loan you money, there is another advantage. You may be able to secure the loan through the social lending site with a better interest rate than those that are offered by traditional lenders. As with any signature loans, peer-to-peer loans may be used for any reason whatsoever.
Typically, people use loans from peer to peer lending networks for debt consolidation, home appliances, student loans, or for any other reason. There is no limitation on how you use the money. There is a catch, isn’t there always…. Borrowers at most peer-to-peer lending networks can not have a bad credit rating if they are trying to secure financing via peer-to-peer lenders. To borrow money from one or more of the numerous lenders, the borrower must have a good credit rating. Borrowers need to have a credit score of at least 660. Do you know your credit score? If you are fortunate enough to secure such a loan, you will need to repay it by making payments for the next 36 months or 60 months, depending upon how long your peer to peer lending loan is for.
The proceeds from loans that are made through peer to peer lending networks may be used for most any reason. If you borrow money, of course, you need to make sure and repay your loan in a timely manner. This will not only get you the cash that you need, but it will also improve your credit rating at the same time. This will allow you to get more loans in the future, be able to borrow more money than you are borrowing now from your current peer to peer lending loan, and be able to get these new loans at better (lower) interest rates. This means that you future loans will cost less. as with all other peer-to-peer lending networks, they are becoming fantastic alternatives to traditional lenders, especially for those who those who are seeking signature loans.
Are you looking signature loans? Do you need $1000 cash fast? Or maybe even $5000, or even $25,000 ? Signature loans can be used for any purpose, whatsoever, including fast cash or personal loans to finance purchases, like home appliances. You can use the money obtained from signature loans for anything that you want. Signature loans for those of you with bad credit are also available, however the interest rates will likely be higher.
If you need cash now and want to get the lowest possible interest rate, we suggest that you consider secured personal loans rather than trying to obtain unsecured signature loans. When you need financing for those types of purchases, your house or other property is used as collateral to obtain the money. Signature loans are typically used for more modest sized personal loans — in the $100 to $5000 range.
In today’s economic climate, you would think that it is difficult, or nearly impossible to be able to secure such financing. This is not the case. Many lenders are still offering and funding fixed rate signature loans and home equities loans. Besides the major lending institutions, check with your local area community banks and credit unions. These lenders indicate that are doing quite well despite the current market conditions.
Sure there are signs of recession everywhere, but various lenders are still functioning well. However, due to the economic slowdown, people are being laid off from their jobs. This loss of income makes it very difficult for people to make ends meet. They then are unable to pay their bills, and make their loan payments. This creates delinquencies. When times are tough, people need to use some of their savings. This will ultimately adversely impact their retirement plans. During the economic boom period that was just completed, people spent freely. The average savings rate was, and continues to be negative. That means that the average person has been spending more than they have been making. This lack of foresight to save for retirement and for rainy days means that they do not have cash to weather the tough times, like now.
Besides thinking to themselves, “I need cash now,” people are really concerned about the economy at large. In times of economic recession, people are not looking for signature loans to borrow money. They are fearful that they may lose their jobs and then not be able to repay their outstanding debts. So today, the demand for loan has decreased. We anticipate that in the first quarter of 2009, there will be even less of a demand for signature loans.
Financial institutions only want to lend money to people who need cash now and that they believe can afford to repay the loans. Depending upon the area of the country you are in, you will see different recession levels. Areas that have fast economic growth have been hit the hardest – places like California and Florida. However, if you need cash now and live in an area where economic growth and housing prices increase slowly and steadily throughout history, you may not see economic impacts to your areas. Thus lenders may still be making signature loans.
The current recession may well take a lot longer to recover from. This recession is completely different than anything prior. During the late 1970’s and early 1980’s interest rates were as high as 22%. Large lenders are having a difficult time handling these times.
Credit unions offering signature loans are different. They are financial cooperatives, owned by their members, and as such are run in a more democratic manner. Each and every member of the credit union is a shareholder of that organization. As such, they all have a vote in how credit union is run. They also tend to be not-for-profit organizations. This makes it much easier for them to offer signature loans.
They are usually run conservatively. Typically, more than half of the loans that they make are for vehicle loans and small personal loans. This hold true today as well. Credit unions see that their members need cash now. They are seeing a lot of their members purchasing cars and looking to consolidate their credit card debt through fixed rate signature loans or via home equities.
With credit card rates increasing, people are looking to consolidate their credit cards and need cash now so that they can try to pay off their balances through signature loans acting as debt consolidation loans instead of just making the minimum payments which results in continually making payments for many, many years.
Today people are scared. They feel that they need cash now, and are taking their money out of the stock market and looking for the safety of banks. Of course with so many banks failing, this increases people’s fears.
Your searching for, are interested in, and the ability in securing signature loans should not be limited to major lending institutions. If you are saying, “I need cash now,” then you should consider local community banks and credit unions when applying for signature loans.