Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Updated on Thursday, June 28, 2018
Financial Center First Credit Union
Financial Center First Credit Union was founded in 1953 and currently has over 60,000 members. They offer over 25 financial seminars annually and are a member-owned, not-for-profit financial institution. In order to become a member, you must live or work in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Morgan, Putnam, or Shelby counties. Anyone who works or belongs to an approved Select Employee Group or has a family member that is already part of FCFCU is also eligible to become a member.
FORUM Credit Union
FORUM Credit Union was formed in 1941 by the employees of Indiana Bell Telephone Company. Now, FORUM has multiple branches in the Indianapolis area, access to over 5,000 branches nationwide, and more than 4,800 surcharge-free ATMs. FORUM members have access to a variety of discounts, free benefits and services. FORUM also offers a refer-a-friend program where members are rewarded with a $10 gift card for referring friends (the person who joins is also given a $10 gift card).
Indiana Members Credit Union
Indiana Members Credit Union began in 1956 and was founded by a group of employees at the Indiana University Medical Center. Being a credit union, IMCU is a not-for-profit institution that is member-owned and operated. IMCU has 25 branches across Indiana as well as a number of surcharge-free ATMs all over the country. If you want to bank with IMCU, you’ll first need to become a member, but it’s possible to apply for membership online.
Harvester Financial Credit Union
Harvester Financial Credit Union was chartered in 1954 under the sponsorship of International Harvester and operates out of Marion, with other branch locations in Indianapolis and Shelbyville. Anyone who lives or works in Marion or Shelby Country (with the exclusion of Pike Township) is eligible to become a member. Family members of Harvester FCU members are also eligible to join. You must also be a U.S. citizen or resident alien in order to join.
LendingTree, the parent company of MagnifyMoney, is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers from up to five different lenders based on your creditworthiness that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.
Shopping for personal loans online
A personal loan can help you get the funds you need to pay off credit cards, fix up your home, fund your wedding or any number of other expenses.
When you apply for a loan, know that your credit score will be critical. The lender will use those three digits to determine the interest rate you’ll get on your loan and how much money you’re eligible to borrow. They’ll also consider your income and employment status in most cases.
When it comes time to choose your lender, choose wisely. Lenders vary widely.
You can compare loans online easily with loan marketplaces like MagnifyMoney’s.
Watch out for fees. You should also take a deep dive into the fees that go along with different loan options. You’ll want to know how if there is an origination fee, (the upfront fee a lender may charge for processing your application). It is typically a percentage of the total loan and subtracted from your total loan amount.
You should also consider prepayment penalties, which some lenders charge if you pay a loan before your term ends.
Look into loan limits. Be sure the lender you are eyeing offers the amount you need. The loan terms are another key factor. Ideally, how much time would you like to pay back the money? Make sure a lender has loans with that time frame.
Compare rates. Take advantage of options to check your rate with a soft pull pre-qualification form, like at LendingTree. Most personal loans have a fixed rate. With a fixed rate, your monthly payment stays the same because the interest rate does not change. You know what to expect and can plan accordingly.
To begin the comparison process, you can go online and enter key information, like how much money you want, for what purpose, your address, type of residence, an estimate of your credit score, birthdate, employment status, income, whether you want a co-borrower, email address and phone number.
Next, the lender will look at all the information and determine how much they can give you, at what interest rate and for how long. When you pass the first hurdle and are preapproved you’ll complete the loan process directly with the lender.