Things to Avoid when Getting Payday Loans
Credit Union Loans
Credit union loans are a popular alternative to borrowing from a bank. These loans typically have low interest rates and flexible repayment terms, making them generally more favorable than payday loans.
Many credit unions offer both secured and unsecured personal loans. You typically need to be a member of a federal credit union to qualify for a loan. However, many credit unions allow you to join online with a small one-time membership fee.
Many borrowers choose to borrow through a credit union because these entities consider your whole financial picture when determining your loan eligibility. Even if you have a bad credit score, you may still qualify for an unsecured loan if you can show your financial responsibility to the credit union in other ways.
Federal credit union loans tend to have lower APR than other personal loans, with the average APR for credit union loans sitting around 8.86%.