Credit unions generally offer some benefits over other types of lenders. However, only members can obtain loans from the credit unions. To become a member, you must meet all their membership criteria and typically register with a one-off fee and a minimum deposit of $25.
Steps to Get a Loan from a Credit Union
Locate credit unions close to you
To get a loan from a credit union, start by finding the ones close to you. Check their eligibility criteria to see if you qualify to join.
Compare their loan offers
When you found a number of suitable credit unions, compare their loan terms, APRs, repayment period, fees, minimum acceptable credit score, income requirement, and maximum loan amounts. This will help you choose the ideal credit union for your loan.
Submit your loan application
When a credit union on your list ticks all the right boxes, register with it. Then you can submit your loan application form online through their website or in person at their outlet near you.
Wait to get approved
Typically, approval for a loan can range from a few hours to several business days. Once you have been approved, your account will most likely be credited within a few business days.
Alternative Ways to Get Personal Loans
Credit union loans may have certain advantages, but getting personal loans through online loan brokers could also prove some beneficial in some cases.
They can connect you with a pool of reputable online lenders, meaning you may get multiple offers to compare and choose from. No membership is required when you seek personal loans through their platforms. You only need to submit a few personal and financial information.
Below are three of the best online brokers you can trust with:
iPaydayLoans: Best Overall with a 97% Approval Rate
WeLoans: Best for Personal Loans without Hard Credit Checks
US Installment Loans: Best for Long Term Loans with reasonable rates