Credit and Loans

The payday loan alternative: Taking out a personal loan

Unexpected expenses may leave some folks scrambling to get their hands on fast cash, but before you sign up for a payday loan, it’s important to first consider a much better option: a personal loan. Taking out a personal loan from a credit union will leave you with more money in your wallet and far fewer fees to pay.

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Author SAC FCU Managing Editor

Credit and Loans

Before you apply for a loan, get loan-savvy with our resource roundup!

Many loans ­are not short-term agreements. Your mortgage, for example, will likely be with you for a good portion of your adulthood, and it’s hard to imagine that anyone would go through life without another smaller loan of some kind. They have a big impact on your financial well-being, so it pays to do your research before you apply for a loan. That’s why we’ve rounded up these mortgage- and loan-related resources. Take advantage of the info below and you’ll be set to make savvy financial decisions.

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Author SAC FCU Managing Editor

Credit and Loans

Factors that affect interest rates on personal loans

Looking to consolidate debt? Take a vacation? Make a big purchase? A personal loan might be the answer. A personal loan is an unsecured loan that can be used for anything you need that requires a little extra cash. Unsecured means there’s no collateral (like with an auto or home loan). This represents a higher risk to the lender, but that doesn’t mean rates will be sky-high, and interest rates on personal loans aren’t one-size-fits-all.

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Author SAC FCU Managing Editor

Credit and Loans

What is a home equity line of credit? HELOCs explained.

Maybe you’re interested in adding a deck to your house. Or maybe you want to help pay for your daughter’s wedding. If you’re a homeowner looking to borrow money, a HELOC might be a good option for you. So what is a home equity line of credit? In short, a HELOC is a revolving line of credit you can access by borrowing against the equity in your home. (Equity is the value of your house minus what you owe on it.) You can use these low-interest loans for just about anything, and approached correctly, a HELOC can be a smart way to borrow money: Here’s what you need to know about this kind of loan.

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Author SAC FCU Managing Editor