Frankly speaking, installment loans are not commonly available at lending websites. This can be a good way to borrow more than your monthly income and these may have better interest fees and payment schedules. If you are not convinced, simply get a free quote from some online providers. On the other hand, some credit unions provide unsecured personal loans with monthly payments that are easy to get if you are a member. The main tenet of credit unions are not to make profits, instead they encourage members to adopt good money management and save money on a regular basis. That is why they are willing to lend money to people with low income, an activity which commercial banks view as perilous since the borrowers' affordability is in doubt.
How to Join a Credit Union
Credit unions are non-profit financial organizations that offer banking services for its members that share a common bond or interest. For example, you can join those serving your trade union, employer or community. The personal financial services available are quite comprehensive including the following:* Personal loans and savings
* Individual Savings Accounts (ISA's)
* Mortgages
* Car loans
* Debt management
For smaller credit unions with less members, you can only find basic personal loans and savings accounts. This is due to the smaller financial strength of such organizations.
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Benefits of Credit Union Membership
- Credit unions do not have shareholders and are purely non-profit organizations prioritizing the benefit of its members with financial services.
- Transparent APR on loans. You can borrow money at actual rates compared to other lenders for people with poor credit. For example, credit union installment loans or a small cash advance.
- The credit union will arrange an payment plan for you. This will ensure you can afford the monthly repayments and help you manage your budget to avoid further money problems in future.
- You may be allowed to pay off your loans earlier with no penalties, so that you save on the remaining loan interests. Some lenders do charge an early payment fee, or they do not refund any interest fees that have been rolled inside. Always check if you are not sure.
- You can get free debt management advice for your credit card bills or personal debts. These are qualified and unbiased money advice to help members who are struggling with financial difficulties.
Unlike banks, credit unions will use your affordability to determine whether you can get a personal loan besides your credit score. This can help borrowers avoid worsening their money problems with additional debts. The sensible way to avoid financial difficulties and personal debt is to have regular savings and avoid excessive purchases you do not need. Resist the urge to get easy money through unsecured loans or installment loans just because the monthly fees are not affordable. If you lose your income, you can get into financial hardship very fast with a $3500 installment loan when your credit is failing. That amount is about 3 times the monthly spare cash for an average worker.
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