Whether you are looking to make a big purchase like a home or car, or you just need a little extra cash, local credit union lenders are available to help with up-front financing when you might not have the cash available. BHCU offers customers personal loans, mortgage loans, auto loans, home equity loans, and business loans.

What Is a Lender?

A lender is typically a bank or credit union that makes funds available to a person or business up front, with the expectation of being repaid at a later date. The repayment typically includes interest or fees and can be paid in increments over time, or as a lump sum, depending on the agreement. The terms of the loan will specify the loan amount, the repayment schedule, and the interest rate. The agreement will also stipulate the consequences if the conditions are not met, usually the seizing of funds or assets for repayment. 

Benefits of Working With Personal Loan Lenders 

Making large purchases can be incredibly stressful. It is understandable and expected that a person would not have the full sum of cash upfront. That is where working with a trusted personal loan lender can be advantageous for you and allow you to have more financial freedom. 

One Lump Sum

Applying for a personal loan will allow you to make a purchase larger than your credit card limit may allow. Receiving the loan in one lump sum also provides you with a fixed interest rate and predictable monthly payments, making the loan much easier to manage and keep track of payments.

Do Not Drain Savings

Even if you physically have the money in your account to cover a large purchase, doing so could completely drain your savings. This could leave you vulnerable to unexpected emergencies or future expenses and affect you in other areas of life. 

Receive Funding Quickly

When you need money for an emergency like medical bills, personal loans typically have quick approval and payment times. If you need money quickly, a personal loan is the best option.

Lower Interest Rates

It might seem silly to pay off one form of debt, with another form of debt, but that is not the case. Personal loans typically come with much lower interest rates than credit cards. If you have credit card debt, you are likely paying high levels of interest each month. As of February 2023, the average credit card interest rate is more than 19%. However, if you paid off that debt with a personal loan from BHCU, you could receive an interest rate as low as 7.5% with good credit. 

Flexibility and Versatility

Personal loans provide you with the flexibility to use the money on whatever you see fit. Whereas auto loans are just for cars, and mortgages are just for homes, you can use a personal loan for virtually any reason you currently have. 

Extended Loan Terms

Personal loans can have payment terms spread out over anywhere from one year to 10, depending on the lender. This helps borrowing money be more affordable and gives you the option to select a longer payout schedule, with more interest on the loan, or a shorter payback plan to cut down on interest costs. 

Help Your Credit Score

Taking out a personal loan can actually help improve your credit score. If you are able to show you can pay back your loan on time each month, it will cause your credit score to rise. However, if payments are not made on time, your credit score will drop.

BHCU Personal Loans

If you need some extra cash for an emergency, vacation, or to consolidate your bills, BHCU is Media, PA’s trusted and reliable solution for your personal loans & credit cards. We offer personal loans up to $35,000 with low-interest rates, flexible repayment terms, no application fees, and no collateral required. Contact us to apply for your loan today!