Types of Loans Credit Unions Offer
What types of loans can you get at a credit union? It depends on the credit union. Basically, if a loan is available at a bank, you can also find it at a credit union. However, credit unions will only provide what their members need. For example, if most of a credit union’s members don’t want to start their own businesses, then you probably won’t find small business loans at that credit union. Of course, this doesn’t mean that you should forgo credit unions altogether. As a matter of fact, it’s often easier to get a loan from a credit union than it is to get one from a bank. Just make sure that you do your research before choosing your credit union. You should be able to find credit unions that offer many of the loans we’ve listed below.
Whether it’s for home renovations, paying for a wedding, or just to consolidate debt, plenty of people seek personal loans from credit unions. These loans tend to provide more flexibility than bank loans provide. Most credit unions provide personal loans, so you shouldn’t have a hard time finding the one that works for you.
This specific type of personal loan can help you pay for a car. Plenty of people need transportation right away, but not everybody can afford to pay the money upfront. Auto loans can help. Again, plenty of credit unions offer this type of loan, so finding the right organization won’t be too much of a problem.
Small Business Loans
Small business loans come in all shapes and sizes. For example, there’s the term loan, which is what most people think of when they think “business loan.” There’s the equipment loan, which provides the money that some businesses need to purchase new equipment. Since you have so many small business loan options, make sure that your credit union of choice has the option that you need. Do a little research and ask some questions before you commit to membership.
Let Bundlefi Help
Of course, the loans that we mentioned above aren’t the only options you can find a credit union. Again, it all depends on what the members need. For example, The Actors Federal Credit Union offers loans for musical instrument financing. Look for credit unions that cater to your most important demographic, and you’ll find the financing options that you need.
Need help finding the right credit union for your needs? Bundlefi can help. Let us know what you need from your credit union, and we’ll help you find the perfect fit. Contact us today to get started.