Once in a while, we all need money for immediate needs, and that’s where a personal loan comes in handy. There are many institutions and credit unions in Utah that offer personal loans, and the terms & conditions are pretty easy. Here are some things to know before applying for personal loans via Utah banking & credit union services.
Checking the basics
There are many financial services that have no loan fees for personal loans, and that’s a huge advantage. You can use the loan for any kind of personal need or purchase, and it doesn’t take a lot to get approved, as long as you furnish the information sought. You can also have other pros too, like convenient eStatements, online banking facility, and loan payment protection. When it comes to personal loans, check all the terms & conditions in detail, because any kind of unsecured lending typically has a higher interest rate. There is no need for any kind of collateral for a basic personal loan.
Types of personal loans
The term for personal loans varies, but can be up to 60 months. Check if there is any free, and some credit unions may offer access to their annual dividends as a part of the membership programs. There are also Share Secured Loans, where your savings can work as a collateral, and you can expect a much lower interest rate, often as low as .00% 1 above savings rate APR. The term is usually longer, extended up to 120 months, and you may get additional options like loan payment protection. Some credit unions in Utah also offer what is known as a Consolidation Loan. This kind of loan allows you to combine debts and reduce monthly loan payments, with terms up to 80 months (sometimes more). This kind of advance can be considered to refinance credit card debt that has a higher rate of interest, and the repayments are made in easy installments. Rates are often as low as 9.99% 12 months APR.
If you are applying for a personal to repay other debts, always do detailed calculations to know if the step is actually benefiting you in the long run. Check the interest rate, and don’t shy away from asking questions before you sign up. In Utah, getting a personal loan may not be as complicated, and you can always work with a credit union or institution that offers best rates and services.
If you’re just starting out in life or are new to the workforce, see the page for how to establish a good credit history that will help you qualify for low interest rates.