Borrowing money which helps you to achieve your goals quicker and to fill in the gap between income and expenses has already become a normal part of our life. A loan used in sound and reasonable manner improves your financial standing. You can invest in valuable and safe property – family dwelling, borrow money for purchase of a car or domestic appliances, or take a loan for a journey during holidays.
What type of loan to take?
You can obtain different loans from credit unions, therefore it is very important to choose the type of loan which suits best your goals and lifestyle.
Personal/consumer loan
A loan granted for purchase of goods or services, as a rule secured by a pledge or mortgage of property and repaid in equal or reducing instalments. This loan may be repaid prematurely.
Business loan
A loan granted for the financing of agriculture and of small and medium-sized business. Depending upon business for which this loan is granted, it may be repaid in different ways – paying equal or reducing instalments, or paying interest in a monthly basis and repaying the principal at maturity.
Study loan
A loan granted to pay for studies. Loan funds are transferred directly to the educational establishment according to specified requisites. When taking a loan for studies payment of additional share contribution is not required!
Housing loan
Loan granted for dwelling purchase or renovation. Loan interest may be fixed or variable. This loan is granted for a longer maturity and is repaid in equal instalments.
Extra loan
Loan in the amount of a share of the credit union member is granted at once having filled out the application. Its maturity is short – from 1 to 3 months.
