PAYMENTS RATESLOCATIONSFIND AN ATMCONTACT US personal business about login apply now schedule an appointment Winter Blues - Taking a Loan to Get to Where You Want to Be Many people are struggling, especially when paying off certain debts. Loans are often seen as a burden, but there are many things that loans can help you with. In addition to having the money to make your next project and dream a reality, they also help you boost your credit and give you a structured timeline for paying back the money borrowed. At Financial One in Minneapolis, we are happy to help many people find the right times to use loans and find the best loan option to fit your budget. Personal loans are especially helpful when you are taking the next step to getting where you want to be. MANY USES A personal loan can be used for many things. Whether you need to pay off a car, student debt, medical expenses, or any other personal uses, a personal loan is a great option. Other types of loans can be specific to different items. For example, a mortgage is only used as a loan on your house. This limitation is not on personal loans, so you can use this loan in the most efficient way. REFINANCE OR CONSOLIDATE With personal loans, you can refinance a current loan or consolidate multiple current loans into one. You might want to refinance if a personal loan can offer lower interest rates or if you need to take out more money for a project while paying off a loan. Many homeowners refinance if they need to make repairs on their house. Instead of getting another loan in addition to their current loan, they will take out a loan to pay off the existing one and use the leftover amount on the loan to pay for repairs. Consolidating multiple loans is most often used on combining multiple loans into one by using the one loan to pay off the rest. Many college students use consolidation to lump all of their loans for different years into one to make one payment every month on their loans. MAJOR PURCHASES OR EXPENSES Large purchases or unexpected expenses are rough in most financial situations. Chances are that you may not have the funds necessary to afford it at one time. Some large purchases have their own types of loans, but a personal loan could be more effective depending on the interest rates and conditions. Talk with your financial advisor to learn more about how different types of loans can benefit you more. Unexpected expenses, like medical bills, can come up quickly and take a hit to your finances. A loan can help you get back to where you want to be. LOWER INTEREST RATES Finding the right loan can help you get to where you want to be. Personal loans give you a one up on where you want to be for lower interest rates than other loans. Your financial partner will help you find the right loan for your budget, and there are some personal loans that have lower interest rates. NO COLLATERAL Some loans, like mortgages and car loans, take collateral in case you can’t make payment. Personal loans don’t take collateral, so you won’t have to worry about your belongings. This is also a plus for people that don’t have many options for collateral. Personal loans have options that can work for most people to get where they want to be financially. While the idea of having a loan is not a good thing to most people, it does help you get the money you need to get to accomplish your next big project or get through tough spots in your life. If you’re nervous about taking out a loan, our financial advisors would love to help you find a plan to be successful getting what you need and paying it back. Contact us at anytime to learn more. CONTACT US FEBRUARY 17, 2021 0 LIKES Previous 2021 WINcentive Winner Next How to Build an Emergency Fund EMERGENCY FUND How to Avoid Common Scams and Fraud Nov 15, 2021 Minneapolis Fall Home Maintenance Checklist Oct 29, 2021 How to Plan Your Finances for the Last Quarter of the Year Oct 3, 2021 How to Avoid Phishing Scams in Your Email Inbox Aug 24, 2021 Four Tips to Keep Your Budget While on Vacation Jul 22, 2021 make a paymentmobile bankingratesfaqprivacy & disclosuresdocumentscareersshared branchingfind an atmcontact Routing number: 291073503 NMLS: #623955 Blaine 10210 Baltimore St NE Blaine, MN 55449-6049 Coon Rapids 11465 Robinson Dr NW Coon Rapids, MN 55433 Columbia Heights 843 40th Ave NE Columbia Heights, MN 55421 Phone: 763-404-7600 Lobby hours (appointments preferred): Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays Drive-through hours: Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays We are closed on major U.S. holidays. Financial One Credit Union Proudly serving Anoka, Hennepin, Ramsey, and Washington Counties in Minnesota. Website Design by One Wheel Marketing By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively.