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Who and what qualifies for a Personal Loan?

You may think that qualifying for a Personal Loan is difficult, or that it can only be used for certain things. A personal loan is just that – a PERSONAL loan to be used for whatever you see fit. However, that doesn’t mean that we won’t ask you what the funds will be used for. Lenders need to know what the intended purpose is for the loan when considering the approval. Depending on how the funds will be used, we may suggest a better option or may even advise against it.  For example, you can’t take out a personal loan to fund the down payment on a credit union home loan.  In that instance, we would help you look for other options.

Maybe you had some financial struggles in the past and now have limited or blemished credit. Genisys Credit Union may still have a financing option to meet your needs. People that have a higher credit score will typically end up financing at the lowest interest rates. However, that doesn’t mean that you can’t get a personal loan with payments to fit your budget even if you have less than perfect credit. The best thing to do is apply for a personal loan and let us determine the best solution to meet your needs.

Other Common Personal Loan Questions


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