Some expenses in life are unexpected. There may simply be a time in your life when you need a surge of cash to consolidate your debt or pay for a new expense in your life. You may want to look into applying for a personal loan.
What is a Personal Loan?
A personal loan is a sum of money that is lent out to one person for personal expenses. Personal loans are typically not secured by any type of collateral for the lender. Unlike student loans or business loans, a personal loan can be used for a wide variety of expenses, including medical expenses and paying for home improvements.
How to Get a Personal Loan
When you apply for personal loans, you will need to have at least one form of identification. You may need a few other documents like a recent utility bill or a copy of your lease for verification of your address for example. Lenders may also ask for proof of income, an estimate of your monthly financial obligations, an estimate of your gross income, and your social security number.
One of the most important aspects of your personal loan application is your credit score. Since personal loans rarely require you to put up collateral (like a mortgage on your home), banks and credit unions want to make sure you have exhibited behavior that proves you will pay back your loan in full in a timely manner.
Personal Loans with Poor Credit
It is possible to get a loan if you have poor credit, but keep in mind that you will most likely have a higher interest rate or a smaller lending amount due to your credit history. You may want to adopt some good credit behaviors before you apply, including paying off your credit card balance. If your credit score is in need of some serious help, you may consider programs like Great Basin FCU’s ReBuild Together Loan.
Our ReBuild Together Loan is ideal for those who have no credit or poor credit, and we use these loans to help you build up your credit score. We lend you a sum of money that is locked in a special savings account, and you make timely payments for a year towards that loan. After a year, the funds are released to you. This loan program gives you a chance to establish good financial behaviors over the course of a year, which makes a big difference in your credit score.
Personal Loans with Great Basin FCU
At Great Basin Federal Credit Union, you have many options to find the right loan for you. Our typical personal loan, called the Lifestyle Loan, is used by our credit union members for financing a wedding, debt consolidation, adoption costs, and more. Our Energy Saver Loan is a perfect option for families who are looking to make home improvements to lower their carbon footprint. We are ready to help you go green!
If you have an established Great Basin FCU savings account or certificate of deposit, you can borrow against that account with a Share Secured Loan. This installment loan is another great option if you are looking to establish credit.
At Great Basin FCU, we want all of our credit union members to be empowered financially to take the next big step in their lives. Let us help you find the right fit for your financial needs and credit history. Stop by a Great Basin Federal Credit Union branch today to discuss your personal loan options!