The many people know that credit unions typically offer better rates and less expensive fee structures than the average traditional bank. While this is true, another thing that people don’t often realize about credit unions is the number of services that they provide that, in some cases, can be even more extensive than a traditional bank. One of the examples this is No Credit Check Loans.
This is relatively new for institutions such as the Pearl Harbor Federal Credit Union, but it’s a beneficial service to its members. As a member, an individual has the ability to access fast cash or payday type loans through the credit union of up to $1000. This type of emergency loan is similar to payday loans. As the name would imply, a no credit check loan means that the individual’s credit report will not be taken into account when approving the loan. Instead, a person’s source of income will be the determining factor.
The benefit is that if a person has credit that is a bit dinged up, and many credit union members fall into this category, it won’t affect a person’s ability to be approved for a short-term loan. In addition, the approval process will be extremely convenient and quick. This will allow the money to be deposited into a checking or savings account through the credit union in record time.
However, there are a few things to remember. This is a short-term loan, so repayment will have to be made anywhere from a few weeks to six months, but that will be the limit. In addition, because of this type of loan not depending on credit scores, the interest rates can be fairly high. This is an incentive to pay off the loan as quickly as possible. These smart advance loans can be helpful, but over the long-term, higher rates of interest, sometimes up to 400%, can be significantly expensive.
If you’re in a position where you need up to $1000 and if you’re a member of a credit union, No Credit Check Loans are a viable option. By keeping this process in-house through your credit union, you’ll know that the loan is legitimate and the process will be streamlined and direct. You can also follow them on Twitter for more updates!
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