OnPath Credit Union

What to Consider When Taking Out Emergency Personal Loans

Keeping up with all of your bills is hard enough as it is and even more so if certain unexpected expenses pop up, such as a large home repair bill or a medical emergency. When faced with financial hardship, where do you turn to for the funds you need? Luckily, many lenders offer emergency personal loans across the country. Here are some tips on how you can find the loan that best fits your needs:

Consider the Intended Use of Your Loan
Depending on the lender, your loan may be used for various purposes. However, they may be limited to home improvement, consumer debt consolidation, funerals, vacations, large purchases, weddings, and other personal expenses. That is why it is important to confirm that your intended use for your loan is allowed in your borrower agreement with the lender.

Check for Additional Fees
Most lenders require borrowers to pay origination and late payment fees, as well as prepayment penalties and other common loan costs. There are some that offer fee-free loans, but they are few and far between. Make sure to ask your lender about any additional costs before agreeing to your loan terms.

Make Sure Customer Support Is Available
Customer support is an important part of your loan agreement with your lender. If you encounter issues with payments or financial hardships, being able to contact your lender to assist you can make a huge difference.

Get a Personal Loan
OnPath Federal Credit Union offers a wide range of personal loans you can use for various purposes. If you are looking to get funds in a hurry, you can count on our team to help you. To get started, apply online today.