Credit unions are a good alternative to bank when coming to obtaining a short term loan to cover small personal expenses. Banks requires you to go through many procedures and they are typically known for charging higher interests and fees. Credit unions are non for profit financial institution that are established to serve the communities so you can expect a lower interest rate and fees. The following are the top 3 credit unions in Ohio.
1. Sun Federal Credit Union
Sun Federal Credit Union was first founded by 10 members in 1950 but it has now grow to a large member base of more than 30,000 members. Sun Federal Credit Union offers various types of personal loans including line of credit, lifestyle loan, tuition loan and sun on your side (SOS) loan. The line of credit loan lends you the money you need without charging a transaction fee. The interest rate for the unsecured line of credit starts from 6.603%.
The lifestyle loan can be used to cover various types of fees such as vacation, hospital fees and home repair fees. The lifestyle loan with repayment term of up to 60 months charge an APR interest rate starting from 8%. If you choose to repay in 61-84 months, you will be charged with a 9% interest. The tuition loan can be applied by students who is taking a course and need money to cover the tuition fees. The sun on your side (SOS) loan is similar to a payday loan and allows you to borrow in between $360 – $690. You can choose to repay the loan in 30,60 or 90 days.
2. BMI Federal Credit Union
BMI Federal Credit Union was founded by a few employees from Batelle Memorial Institute in 136.
BMI Federal Credit Union offers fixed rate personal loans that can be used for general purposes. The APR interest for BMI personal loans starts from as low as 8.99%. No application fee is charged on the personal loans. BMI personal lines of credit (LOC) is used primarily for consolidating credit card debt and features an interest rate that is as low as 6%.
3. Kemba Credit Union
Kemba Credit Union was established by 7 employees who were having a meeting at the cafeteria. It has more than 88 K members from more than 600 select groups. Kemba Credit Union provides personal loans at competitive rates to meet with the personal needs. Kemba signature loans is suitable for used in covering various types of loans including education, car repair, new furniture/appliance, lawn mower and startup project. The fixed rate closed end signature loans features an interest rate as low as 10.46%. Through Kemba Advantage, the APR interest can be as low as 9.95%. The minimum amount you can borrow from Kemba is $500.