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These loans often have faster turnaround times and more flexible eligibility requirements than traditional loans, making them a good option for those who have less-than-perfect credit or live in a rural area. Lower interest rates: Credit unions are non-profit financial institutions, which means they are not focused on maximizing profits.
The bank will then review this information to determine whether the loans borrower is eligible for the loan and, if so, how much they can borrow and at what interest rate. However, there are also some potential drawbacks to getting a loan from a bank.