You may have heard that it is easy to get a credit union loan with bad credit when the major banks turn you down. Well, credit union loans for poor credit actually provides the best competitive rates on the market, so how can you get one today? Firstly, you need to be a member before you can apply for a no credit check loan at credit unions.
Note that credit unions work differently from banks, and they are mostly nonprofit cooperatives. That is why their loan rates are lower compared to other financial institutions, yet they are willing to let members with bad credit borrow money with guaranteed approval.
There are several types of credit union loans available for individuals as well as small business owners as follows:
Credit Union That Give Personal Loans For Bad Credit
As mentioned, you need to become a credit union member before having access to these cheaper loans. The criteria is different for each credit union, but usually your monthly income or credit score is not that important compared to where you work or live, your occupation nature etc. You can find many industry related credit unions if you ask your colleagues at work.
Once you have found a few suitable credit union where you meet their membership eligibility requirements, just walk in during business hours and apply to become one. Usually, this can be completed within 1 hour and you can get approved for a credit union loan on the same day.
Bad Credit Credit Union Loan For Small Businesses
Credit unions are usually privately owned financial institutions that provide banking services such as drafts, checking accounts, saving accounts, credit cards, line of credit etc for members. They may not have the financial strength and stability of major banks, which is why their primary focus is on consumer banking and small businesses.
If you like to borrow a credit union loan for small businesses, note that your local state regulations may restrict them from big amount loans in excess of 12.25% of their overall assets. In other words, the maximum credit union loan amount will be smaller compared to big banks.