I'm thinking of furnishing my basement and remodeling my bathrooms. However, I don't have enough money right now and am thinking of applying for a personal loan. Between a bank and a credit union, which one do I approach?
Well, you have met their requirements in either of the two. In bank, it may require to post some collateral or something to secure your loan. In credit union, you should a member of said lending institution to avail its loan service. In credit union, it is easy to get a loan as long as you are their member and it doesn't need anything to ask for collateral except your good performance in updating your monthly or annual dues and your active participation for its activities.
If you are a member of a credit union then you probably know the interest is much higher than the bank rates. For big amounts like home renovation, I would suggest you take out a bank loan because that would give you a much lower interest rate for a longer term. Credit unions normally work well for short term loans only and the longer the term, the higher the interest rate.
