Have you just survived a natural disaster? Did you recently move? Are you in the process of looking for a new job? Perhaps you need money for a wedding, vacation, surgery or other upcoming major life event? If you are going through tough financial times and are in need of cash as soon as possible, you should always consider a credit union for a short term loan. Payday loans from storefront companies and online lenders often have interest rates as high as 600%. With such high interest rates, you could potentially end up in deeper financial crisis struggling to pay off the interest charges.
On the other hand, credit unions offer interest rates as low as 18% which is almost 30 times less expensive than the alternative. Credit union loans often offer weekly, bi-weekly and flexible monthly payment plans. If you need cash now, credit unions can accommodate your needs. They often offer loans based on your financial need. If you want to purchase a new car or maybe you only need to borrow money for a specific period of time, loans can be made and tailored to your unique situation. Additionally, credit union loans are typically shorter in nature, lasting between two weeks and three months. Short term loans are often ideal for those times when you need money in a hurry and know that you will be receiving a specific sum of money soon. A short term credit union loan at a lower interest rate will definitely help with your daily expenses while relieving your money worries.
Keep in mind that credit unions are nonprofit organizations. This means that they genuinely care about helping people through financial hardships. If you need advice on how to pay off your bills and become more financially stable, many also offer free financial guidance, counseling, and help you learn how to create a savings plan. You do not need to feel alone during a difficult time.
In order to get a loan from a credit union, you must first become a member. Start with your current place of employment. Many credit unions only service a specific industry or profession. You can also call local credit unions and ask what you need to do in order to become a member. Most credit unions need a picture I.D. or a driver’s license and a social security card. If the credit union is dependent on your profession, you will often need to provide a check stub. You will also most likely need to pay a nominal application fee. Additionally, if you are going through an emergency situation, some even offer quick loan approvals.