Follow these basic rules and guidelines to keep a balanced budget.
Most people need to borrow money at some point in their lives. It is important to have a good understanding of the process ahead of time.
Some general guidelines to follow:
- Have a Budget. Keeping track of all money coming in and going out will help determine an affordable payment. Use our Home Budget Calculator to get started.
- Research Rates. Shop around for the lowest interest rate.
- Choose Shorter Terms. Whenever possible, choose a short-term loan. Generally speaking; the shorter the term, the lower the interest rate.
- Pay More. Try to pay more than the minimum payment on a regular basis.
- Be Prepared. Always try to have a down payment and avoid borrowing for necessities like groceries or fuel for your vehicle.
When should I borrow money?
People take loans out for a variety of reasons such as: moving expenses, education, home purchases, and new vehicles. Before you decide on a loan, you’ll want to examine your budget. Loan payments require a commitment of several months, if not years to pay off. Be careful not to take on more debt than your budget can support.
What kinds of loans are there?
There are many types of loans offered by credit unions and banks. Below are the types of loans we offer:
- Personal Loans
- Lines of Credit
- Credit Cards
- Vehicle Loans
- RV & Boat Loans
- Credit Builder Loans
- Savings or Certificate Secured Loans
- Home Equity Lines of Credit (HELOC)
How do I borrow money?
Apply for a loan by completing an application and having a credit score check. A recent paystub will be required to verify income. You can apply for a loan online or by visiting any of our locations. To complete the application we will need your personal information including your Social Security Number, employment information, and income verification. We will pull a credit report once the application is submitted.
Don’t be afraid to ask for help. Call to set up an appointment with our Financial Counselor or sit down with one of our lenders to explore all your options.