It may take several weeks or so to get a personal loan from a credit union. This timeline accounts for several different variables, including business hours which are typically nine to five Monday through Friday. This wait period also takes into account appointments times or walk-ins, processing time, and getting the funds sent out.
One thing to remember is that in order to get financial products or services from a credit union, you must be a member of that financial institution. Banks and credit unions have some similarities and differences. Unlike a bank that operates as a business, a credit union is a nonprofit organization. It helps serve its members by offering things like low interest products and minimal fees. The issue with credit unions is that you need to fulfill some requirements to join and they may not be available everywhere.
If you are thinking about a personal loan from a Credit union, you should know that in general, credit unions are pretty strict with their credit and income requirements. And so, if you have bad credit you likely will not qualify for a personal loan through a credit union.
For more flexibility and less wait time you can try online lenders. A convenient thing about these lenders is that they are usually available 24/7 from the comfort of your home. You can apply for a personal loan at any time, and you'll find out about approval sooner. Once approved the funds can be sent straight to a bank account. When working with an online lender you can expect an approximate wait time of up to five business days for a personal loan.
Whether you are applying online with a private lender or at a credit union, it is important to pay attention to some things about your personal loan. Ask about the interest rate, the repayment terms, and the Loan period.
The interest rate will be the most expensive cost you will pay during loan repayment, so it is essential to get the best rate possible for your specific financial situation. Repayment terms will encompass everything from the minimum monthly payments to types of fees. These costs can really add up, so it is important to know what conditions can lead to them. And finally loan length is important to know about too. The longer the loan the lower the monthly payment, but more interest over the life of the loan. While a shorter loan means a higher monthly minimum, but less interest to pay.