New York, NY (PRWEB) October 15, 2013
Finance Acceleration announced alternative methods to securing personal loans, ranging from borrowing from family to approaching credit unions, rather than banks, for personal loans, including car loans. This announcement came as a result of the Credit Unions Online article, published October 9th and titled "Credit Unions Continue to Make Business Loan Gains". The article discussed credit unions as a viable source of borrowing, compared to the standard or traditional source of loans: big banks.
Gina Ragusa's article discussed the increase in small business loans among credit unions, compared to big banks. This increase has reached a high of almost 50 percent, adding almost $10 billion to the overall loan amount from credit unions. As demand increases, more credit unions are adding personal and business loan plans and advisors to their teams, hoping to encourage the increase to continue.
Following Ragusa's article, Finance Acceleration announced several different methods of securing loans apart from traditional banks loans. FA suggested that for smaller loans, to fund a vehicle emergency or an unexpected bill, think small: ask for a personal loan from a family member or friend. To keep oneself accountable, however, the lender and borrower should always draw up a small, informal document declaring the rate of payback with friends or family members to avoid any resentment or discomfort from either party. Finance Acceleration suggests that, for larger loans, consider reaching out to a local credit union for greater plan diversity and a more personal, small-town atmosphere. Individuals may also look into home refinancing, which can provide large lump sums to pay off debts or purchase needed personal equipment, such as a new car or computer. Finally, some online resources exist for securing loans, offering personal loans at varying rates from private companies. These agreements should only be entered into after a thorough investigation of the company in question, however, to avoid any complications or failures.
Credit Unions Online is a website offering information regarding credit unions, including their purpose and goals, as well as providing news regarding credit unions and union locators. These services have been offered by Credit Unions Online for almost 20 years.
Following an article discussing credit unions increasing use among small business owners, Finance Acceleration announced its own list of alternative borrowing methods, ranging from the simple: borrowing from a friend or family member, to the unconventional: online companies offering personal loans at varying interest and repayment rates. Though big banks may offer sufficient loan plans, alternative loaning methods may prove necessary for individuals with small needs, poor credit, or no credit history. FinanceAcceleration.com recommends that readers look at this site to learn more about different types of loans and where to find them.
About FinanaceAcceleration.com:
Finance Acceleration is an online company devoted to providing the latest news and information regarding the loan industry, offering advice to individuals seeking loans or methods of improving credit.
