Personal Loan in Troy
Personal loans are a powerful way to improve your quality of life without waiting to save money. They can tackle anything from previous debt to unexpected expenses, and with the right lender, you can keep your interest rates low and your monthly payments manageable.
There are multiple types of personal loans that fit a variety of needs. Your available options will depend on the purpose of the loan and your credit history, but a local credit union can help you sort through your options. You may even qualify for more in loan amounts or options than you would at a major bank.
Type of Personal Loans
One under-utilized type of personal loan is debt consolidation, in which your credit union pays off your existing debts and then charges you a new, lower monthly rate. This option allows you to take advantage of a lower interest rate than credit card companies charge.
Personal loans are also available for student loans, including both original loans and student loan refinancing. Since credit unions are non-profits, they can provide lower interest rates and charge fewer fees than for-profit lenders.
Installment loans can even be provided for short-term special purposes, like home improvement projects or unexpected expenses. No matter what type of loan you decide you need, you can work with a loan officer to customize the term and amount of your loan to suit your needs.
Qualifying for a Loan
Your eligibility for a loan will largely depend on your ability to meet our credit score and history requirements. Because credit unions are member-focused and non-profit, they will generally be more willing to provide loans to members with lower income or an imperfect credit history.
Even if you have no credit or bad credit, you may still qualify for a secured loan that can help rebuild your credit. This option can have huge benefits for your future ability to get a mortgage and other major loans.
Hometown Loans in Troy
At T&I Credit Union, we pride ourselves on our ability to work with local community members in the Detroit Metro area. We provide a full range of loan services, and can even create personalized debt consolidation solutions.
Since we’re a credit union, we prioritize serving members and are governed by local members just like you. Call us today at 1 (800)-338-3908 to learn more about membership and our loan approval process.