Personal Loans Altoona PA are more convenient to get through a credit union than through a bank or another type of the lending institution. Credit unions are owned by their members and do not have to make decisions based on shareholders’ expectations. Credit union members will get a quick answer regarding their loan and will usually get a lower interest rate if the loan is approved. Loan payments can be transferred directly from your checking or savings account. Several loan solutions are offered through credit unions.
A personal loan allows you to use the money for whatever you want or need. You may or may not need collateral. That will depend on your credit history, and whether or not you have a co-signer. A co-signer is a person who agrees to incur the responsibility of the loan if payments are not made by the person who originally took out the loan. Terms are flexible and can last up to five years. The maximum amount you are allowed to take out for Personal Loans Altoona PA is $15,000. Local credit unions, such as ARC Federal Credit Union Altoona PA, can give you full details.
Other loans available or vehicle loans, student loans, and mortgages. Vehicle loans allow you to finance 100% of the cost of a new vehicle, with terms of up to seven years. Refinancing your car is also an option. Mortgage options include 15year and 30 years fixed rate mortgages and VA home loans. FHA loans are government insured loans, and apply to first home buyers. You can also refinance your home or establish an open line of credit from the equity in your current home.
There are certain documents you will need to apply for a loan through your local credit union. Your social security number, pay stubs for the past two months, and account statements for the past two months are required. Copies of W-2 forms and federal tax returns for the past two years will be needed also. Information regarding your current debt is important, and it will be asked for by the loan department. That information should include any car loans, student loans, mortgage payments, and credit card debt. Applications can be found online.
