A personal loan is a loan that is issued by financial institution that does not require the deposit of any kind of collateral. Approval for a personal loan is based on the borrower's creditworthiness. It is also referred to as an unsecured or a signature loan.
A personal loan offers you funds that can be obtained quickly and easily, and is usually paid back in a short period of time. After obtaining a personal loan, you will be required to repay the loan through monthly installments. For this reason, you can take a personal loan for numerous reasons such as:
- A home renovation project
- Beginning a new enterprise or business
- Emergency medical treatment
- Car maintenance or repair
- Educational fees
- Unexpected travel
According to a 2015 statistic from the Credit Union National Association (CUNA), it shows that about 3.7 million people became a member of a credit union. The numbers since then have been increasing due to rising service fees of banks.
Like banks, credit unions offer traditional savings and checking accounts, direct deposits, mortgages, lines of credit, payday cash advances, business services, investments, electronic banking, and automated teller machines (ATMs). However, apart from the fact that personal loans do not require collateral, credit unions still stand apart from banks because they offer a number of additional benefits to their members.
Quick Availability
Personal loans are easily accessible because they require minimal documentation and protocol, making them a perfect alternative for emergency funds for expenses that require immediate payment. For example, an unexpected medical bill. Keep in mind that personal loans are issued depending on whether or not you meet certain credit and income requirements.
Flexible Loan Qualifications
Often, no questions are asked regarding personal loans, since they can be used for nearly anything. A credit union is only interested in your capability of repaying the loan within the specified period agreed upon. Also, having a satisfactory credit history gives you a better chance of obtaining a personal loan.
Lower Personal Loan Rates
Quick loans from credit unions offer relatively low-interest rates when compared with rates banks offer. This is because they are non-profit organizations with the objective of ensuring that financial complications of their members are settled. Often, the interest rate required for you to pay on loan is fixed at a standard rate.
Lower Banking Fees
Unlike banks, where the boards are obligated to make maximum profit for its shareholders, credit unions are managed by members and exist to benefit members. This is one of the many reasons why they tend to offer low banking fees on basic transactions.
With the benefits listed above, taking a personal loan with a credit union seems to be a smart choice.
For your personal loan in Michigan, Public Service Credit Union is your best bet whenever you need some cash to help through tough times.
Public Service Credit Union
Experience outstanding quality service with Public Service Credit Union. Public Service Credit Union has existed for decades, changing the financial situation of hardworking families and individuals in Michigan. They are a non-profit institution whose earnings are shared among its members versus outside investors. They offer better interest rates on loans, higher returns on savings, lower fees, and online and mobile services with six conveniently located branches. Public Service Credit Union is known for its remarkable consistency for quality personal service, business services, and investments. All their branches are legally licensed and fully insured.
Get started easily with a personal loan
Applying for a personal loan or a payday cash advance with Public Service Credit Union is never a difficult process. Public Service Credit Union is a top-notch credit union with a mission to ensure that financial needs of their members are always taken care of. They harbor a family atmosphere for their members and provide convenient service with competitive rates.
Public Service Credit Union allows potential members to get started at their own convenience with no delays in processing, providing two easy ways to apply.
Online Application - You can apply online for a personal loan today. The process is short and easy. An online loan should not take longer than 10 minutes to complete. Simply click the "Apply Now" button, enter your details, and click submit. You can sign up today as a new member and become a partner of a reputable financial institution. Already a member and want to add other accounts or even apply for a loan? Just log in and take full advantage of your secured online account.
Apply in person – Public Service Credit Union is a respectable credit union for personal loans in Michigan. Visit any of our branches convenient for you to begin the loan process. Their personal loan associates will be glad to help you through the simple and flexible application process.
