Union Bank is one of the largest financial institutions in the state of California and it offers many opportunities when it comes to borrowing cash. This bank used to be named Union Bank of California before changing in recent years. When looking for bad credit personal installment loans or unsecured personal loans it is always a wise decision to check your credit score and make certain that there are no major issues. When seeking Union Bank bad credit personal installment loans remember to do extensive research before making any final decisions.
Bad Credit Personal Installment Loan Interest Rates
If you are looking to borrow $500, $750 or $1000 you may consider small personal loans or installment loans. Make a mental note that anyone with bad credit will find it extremely difficult to get low interest rates on these types of loans. This is very unfortunate as it can cause major financial problems down the road. In fact, some people have seen their credit score drastically decline by taking out bad credit unsecured personal loans.
With this in mind it may be a wise choice to come up with a strong weekly or monthly budget to determine just how much money can be spent. If you have a very low income and you are struggling to understand what opportunities are available please contact a financial advisor or someone who better understands how to manage money. Having low income and high amounts of debt can be a huge problem for individuals looking to get ahead.
This is something that has become very common over the last several years. In fact, there are some people that have had to file bankruptcy due to the fact that they continue to take out bad credit personal installment loans. When looking for unsecured personal loans recognize that the interest rate is very high and it could cause financial problems. Note that Union Bank offers many personal loan products but do not feel as if they will give someone with a credit score under 600 a significant amount of money.
Union Bank Bad Credit Personal Installment Loans
As mentioned earlier, there are several opportunities to borrow money with Union Bank. That said, please do not feel as if bad credit borrowers can walk in and take out $5000 or $10,000 in cash. Below are some of the available resources explaining what opportunities are available at Union Bank:
You Have a Dream — Let Us Help You Finance It
Union Bank’s Personal Line of Credit provides you with cash when you need it. Use the credit line as you see fit, when you see fit — and you don’t have to own a home or property to qualify. 1
A personal line of credit is a financial cushion that may provide you with a better rate than most major credit cards. You’ll have convenient access to cash when you need it and won’t be charged when you don’t use it.
Fixed- and variable-rate options: Benefit from changes in the market by choosing when to fix your rate or stay with the variable rate.
Instant cash: Write checks for as little as $500 — or for as much as your available credit limit of $5,000 to $250,000.
Revolving credit: Have access to your line again and again as you pay back the money you borrow.
Discounts: Discounts available on fixed-rate options when you choose automatic payments from your Union Bank checking or savings account.
In the next few years it will be interesting to see just how many banks start to offer bad credit unsecured personal installment loans. After the credit crisis many of these financial institutions were not willing to offer poor credit types of loans. In fact, Bank of America is one of the largest financial institutions that stopped offering this line of credit. Make a mental note of this when going into any financial institution looking to borrow money with a very low credit score.
Union Bank would be considered one of the more popular banks in the state of California but recognize it is not the only option. I would strongly suggest avoiding payday loans or cash advance loans as these types of loans have very high interest rates that could cause major financial problems down the road. The interest rate on some of these bad credit payday loans exceeds 300%. The payday loan companies explain it as fees but you are getting charged high interest for a 10 day or two week period.
Personal Installment Loans vs Payday Loans
When looking at bad credit payday loans versus personal installment loans it is important to recognize there are some major differences. The biggest difference is the fact that bad credit payday loans will have to be paid back in 10 days or in two weeks. The reason they are called payday loans is because individuals will have to pay the loans off with their next paycheck. This is very unfortunate for someone who has a very low income and really can’t afford these high fees.
Fees will be applied to the amount of money borrowed through bad credit payday loans. Individuals will likely pay between $10 and $15 for every $100 borrowed. This means that for every $500 borrowed you’ll pay an extra $50 in the form of fees. When looking at the interest rate on this money you can see that it is clearly very high. This is unfortunate as most people do not understand they are paying interest rates in excess of 300%.
A bad credit personal installment loan is much different in that borrowers will likely take out more money than a payday loan and they will pay it back over the course of time. In fact, some borrowers have the opportunity to pay it back over 84 months or 72 months. This will drastically decrease the monthly payment because there is so much time to pay the loan off. That said, there are often high interest rates that are applied to this amount of money. Expect to see interest rates as high as 18% or more on some of these bad credit personal installment loans.
Credit Union and Community Bank Installment Loans
If you are looking to save money on low interest rates you may want to consider credit unions or community banks when it comes to installment loans. Most of these financial institutions have very strict guidelines when it comes to the interest rate that can be applied. This is very useful for individuals that have a high interest rate on the money they are borrowing. In fact, some credit unions will only charge up to 15% on a credit card or personal loan. Do plenty of research and understand what interest rates will be applied to money borrowed from a credit union or small community bank.
Something else that is very beneficial is the fact that community banks will get to know you by name. When taking out a bad credit personal installment loan with Union Bank or Discover Bank or Capital One Bank you will instantly become a number. Rather than becoming a number you will be a person at some of the small local community banks. Make a mental note that some of these local community banks only offer financial products to individuals who have residency in a different county.
If you do not have residency in the county in which the credit union or community bank is headquartered there is a good chance that you will not be able to open up a bank account with this specific financial institution. This is very sad for individuals who want to get the lowest possible interest rates on personal loans. Always do your research before giving up hope. There are some community banks that will allow individuals of neighboring counties to take advantage of the low interest rates on personal loans, home loans and credit cards.
Personal Loans in San Diego and Los Angeles, California
When looking for Union Bank bad credit unsecured personal loans there is a very good chance that individuals will be living in the state of California. Some of these individuals may live in or around San Diego or Los Angeles. Luckily, there a number of great financial institutions that are in these areas. Below are some of the local towns to San Diego:
- Coronado, CA
- National City, CA
- Chula Vista, CA
- Lemon Grove, CA
- Bonita, CA
- La Mesa, CA
- La Presa, CA
- Spring Valley, CA
- Imperial Beach, CA
- El Cajon, CA
- Rancho San Diego, CA
- Santee, CA
- Bostonia, CA
- Tijuana, Mexico
- Lakeside, CA
If you live in one of these areas there are opportunities to borrow money even if you have bad credit. If you have seen your credit score decline drastically over the last several months or years it may be more difficult to take out a loan but there are still lenders. Do research on the FDIC website before assuming there are no options available in April 2020 and beyond. If you live in Los Angeles there are also plenty of opportunities. Here are some of the small towns and around Los Angeles:
- East Los Angeles, CA
- Huntington Park, CA
- Maywood, CA
- Walnut Park, CA
- Commerce, CA
- Bell, CA
- Glendale, CA
- South Pasadena, CA
- Monterey Park, CA
- South Gate, CA
- Cudahy, CA
- West Hollywood, CA
- Alhambra, CA
- Bell Gardens, CA
- Westmont, CA
As stated earlier, just because you do not live in the city limits it does not mean that there will not be loan opportunities. Take advantage of personal installment loans with low interest rates if they are possible. Unfortunately, some people do not do this and they end up missing out on opportunities to borrow up to $25,000 cash. I would strongly suggest anyone with bad credit look for borrowing opportunities even when they don’t really need the money.
All of that being said, make sure to create a strong weekly or monthly budget and understand where money is going. If you have more money going out than coming in it would be a wise choice to either get a second job or consider cutting back. One of the easiest ways to cut back is to eat out less or simply not go to movies as much. You may be surprised to find how much money you spend just by going to the movies once a week or even twice a month.
By looking at this budget and analyzing your financial information there is a very good chance that you will improve your financial history. This will make it much easier to take unsecured personal loans in the very near future. This will also make it much easier to buy a home and pay down the monthly mortgage.…