While you may not be able to get a mortgage from Union Bank, they offer a personal loan to consolidate your high rate balances. Getting this loan can save you a lot of money. It’s a good idea to make sure you understand the process before you apply.
The Union Bank Personal Loan is an excellent way to consolidate your credit card bills and other debts. You can pay off your balance in one lump sum, or spread the payments over time. If you are a member of the credit union, you can apply for this loan over the phone or online.
This type of loan is also a great way to build your credit. In the future, you might be able to take out a larger or more expensive loan from your bank. Your union lender will be able to tell you if you qualify for a loan, and you may even receive an application fee to help offset the cost of the loan.
One of the advantages of a personal loan is that you don’t have to fill out paper forms. The lender can electronically pull your funds from your account. Depending on the lender and your financial institution, you may be able to receive your cash within a matter of minutes.
Of course, if you’re short on cash, you can always call on your friends and relatives. They’ll be more than happy to lend you a hand, and you’ll get the added benefit of building your credit. However, you should be prepared to fork over the dough.
Before you take out your next payday loan, read the fine print. Many lenders will not report on-time payments to your credit union. That means that if you miss a payment, you could end up in court. Also, your credit score could suffer if you default on your loan.
Generally, a payday loan is no more than a week in duration, though it’s not uncommon to see loans for up to two weeks. Some lenders will offer a rollover extension. But be warned – the fee for this extra week may be more than your original loan amount.
A high interest loan can compound your financial woes. While it is true that you may need this loan to tide you over until your next paycheck, you should think about taking out a credit card with a lower interest rate. These cards typically have rates of less than 30%.
Taking out a personal loan is an easy and safe way to finance a wide range of expenses, from weddings to home improvements. Be sure to compare quotes and read the fine print before you sign on the dotted line. After all, your wallet might be safer than your credit rating.
As you can see, getting a loan from a Union Bank is an enticing proposition. Just make sure you are able to repay it. Otherwise, you might find yourself in the same position as the many people who have resorted to pawnshops to get out of debt.