How a Back to School Personal Loan Can Help Get You Back on Track
School supplies don't come cheap – and the clothes are even more expensive. If you have one child, the price tags can really add up. Two or more, and even the most modest of back to school budgets can reach a humbling figure.
Luckily, parents have the option of a personal loan specifically for back-to-school expenses, with rates designed to ease the pressure – and set students up for a successful year ahead.
How to Apply for a Personal Loan: A Step-by-Step Guide
Follow these steps to set yourself up for the most effective loan for back to school expenses.
STEP 1: Compile All Available Information.
Sometimes they come in the mail; these days they're posted online or available in a parent portal login. But if you don't have your list of school supplies for each subject handy, it's a good idea to seek it out before school shopping. It should have all the specific items you'll need to purchase. Research each item and tally the expenses, then add 20% to cover tax and any unexpected costs.
STEP 2: Consider Long-Term Investments
A high-quality book-bag that lasts could be used several years longer than a mid- to low-quality book-bag. The difference in prices is significant -- at first. But in the long-run, buying the one should cost less than buying several. All it takes is one of the straps to break, and it's off to the store again.
STEP 3: Calculate Expenses
Add your school supply budget to your clothing budget. Consider the potential for long-term investments. Then you take that number and...
STEP 4: Prepare for the Unexpected
As previously mentioned, you should expect unexpected costs. They might be sold out of an item you planned for; you might be sold on an item you didn't plan for. And so on.
Yes, this means taking out a larger loan, but a credit union can help with that.
The Benefits of Applying for a Back to School Loan at a credit union
As a nonprofit, credit unions will work with you to formulate the best options available. When you compare this to a for-profit lender, whose goal by definition is to make money off the customer, you can rest easier knowing the credit union's primary concern is member satisfaction.
Flexible Payment Schedule
You can receive a personal loan for a variety of terms. Use this helpful online calculator to determine how much you could comfortably afford to borrow.
No Collateral Needed
For a back-to-school personal loan, all you need is proof of income and approved credit.
No Fees for Early Repayment
For-profit lenders usually charge fees if you want to pay off the loan early. That's not the case for credit unions. Not that MyPoint Credit Union would if we could, but credit unions can't charge early repayment fees by law.
The Freedom to Do More
At MyPoint Credit Union, we want to help you do more you. That includes taking care of those you care about. Make an Appointment today