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Payday loans are short-term loans that are typically due on your next payday. Credit unions may be a good option for those who are looking for a lender that is willing to work with them to find a loan product that meets their needs and budget.
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The bank will then review this information to determine the tract borrower's eligibility for the loan and, if approved, the amount they can borrow and at what interest rate. Some traditional loans have strict rules about credit scores or needing collateral (like a car or house). Community involvement: Credit unions are often closely tied to the west communities they serve, and they may offer special loan programs or discounts to members who live or work in those communities.