Loan Option - Bank or Credit Union Loans

Most banks and credit unions offer personal loans to their clients or members. These will gather interest and might have fees for things like late payments. However, a personal loan from a bank or credit union is usually a much cheaper option than a payday loan or a short-term unsecured instalment loan, for example.

The amount of a personal loan and the interest rate you might qualify for will depend on things such as your credit history and income. Even with a poor or limited credit history or a low income, though, there might still be personal loans available to you.

If you are thinking of getting personal loan from a bank or credit union, shop around for one that best meets your needs. Pay attention to the interest rate (the lower, the better) and any fees.

If you are thinking of getting a personal loan or another type of loan, there are things to think about.

Remember that you have rights when getting a personal loan or another type of loan.