Using a Credit Union to Get an Personal Loan

A credit union personal loan is typical much easier to get than one from a commercial bank. Credit unions require you to be a member before you can use their services. There are many credit union member benefits including lower loan interest rates, more personalized service.

Important Things to Remember In Preparation For Your Personal Loan Application:

Make sure all of your financial information is accurate and organized.

  • Check and re-check your credit report. Make sure it is accurate. Take care of any issues you may find. This is vital and will help determine your interest rate and what type of loan you qualify for.
  • Do some research and find out what types of credit union personal loans are available. Compare the benefits. Decide which one best fits your needs.
  • Have an accurate representation of your household income, assets and liabilities. Include previous year’s tax forms and any other income or liability information you have.

Secured or Unsecured

How much money do you need to borrow? How long do you have to repay the loan? With a secured credit union personal loan you will need some type of collateral. Something the credit union can hold title to until your loan is paid in full. An unsecured loan does not require any type of collateral. Keep in mind that unsecured loans will have a higher interest rate. Decide what type suites your needs.

Call Your Credit Union for Details

The first step is to call and see what types of credit union personal loans are available and what information is required for each type.

Ask About These Things

  • Will you need someone to co-sign?
  • What types of loans are available?
  • What are current rates?
  • What are the loan terms?
  • Are there early payoff penalties?

Things that can be different include interest rate, loan limit amount, and other details. After you have chosen the type of loan you are applying for, ask what information you need to bring with you. Ask if you can you pick up any application paper work to fill out before your appointment. 

Prepare for Your Appointment

Dress nice, but casual. Think of it as a casual job interview. It is not necessary to wear a suit and tie or a dress. Save time by making sure you have all the information the credit union requires to apply for your personal loan. Speak with confidence. Make eye contact. Ask questions until you understand every part of the loan terms. Go over your budget with the credit union personal loan officer to insure that you will be able to repay the loan on time.  Find out what the penalty is for making late payments.  Be honest and up front about any information they may require. Your credit union can provide the perfect personal loan for you.


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