Payday loans, also known as cash advance loans and check loans, are typically small-dollar loans, for example, $500, and short terms, such as several weeks. They generally have much higher interest rates and fees than other types of loans. Payday loans can be very costly. Before you proceed, learn how they work. You may find there is an alternative to getting fast cash if you really need the money.
Payday loans can be very costly. To provide credit union members with an alternative to high-cost payday loans, NCUA allows federal credit unions to offer small-dollar loans called payday alternative loans (PALs). PALs are a safe and more affordable product compared to typical payday loans, which often leave consumers with unmanageable debt. Learn more PALs and other alternatives to payday loans.
Loans provide you with money you might not currently have for large purchases and let you pay back the money over a certain period of time. There are many types of loans available, such as home loans, car loans, and student loans for higher education expenses. Loans are divided into two categories: secured and unsecured. Learn about the different types of secured and unsecured loans, as well as the information lenders should provide so you can compare different offers.
If you’re thinking about making some home improvements or looking at ways to pay for your child’s college education, you may be thinking about tapping into your home's equity — the difference between what your home could sell for and what you owe on the mortgage — as a way to cover the costs. Home equity financing can be set up as a loan or a line of credit. Learn more about these types of loans and what you need to know in order to shop for the best deal.
Your credit history is important to a lot of people: mortgage lenders, credit unions, utility companies, prospective employers, and more. So it’s especially important that you understand your credit report and credit score, as well as credit bureaus, the companies that compile that information. Learn why credit reports and credit scores are an important to your financial future.
A credit card statement is a summary of how you've used your credit card for a billing period. If you’ve ever looked at credit card statements, you know how difficult they can be to read. Credit card statements are filled with terms, numbers and percentages that play a role in the calculation of your total credit card balance. Use this interactive credit card statement to learn to familiarize yourself with the terms commonly included on a real statement.
Accuracy is important when it comes to credit reports. The Fair Credit Reporting Act is the main credit law that protects your right to get, use and maintain credit. These laws do not guarantee that everyone will receive credit. Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors. This brochure explains your rights under these laws and offers practical tips to help you solve credit problems.
A disclosure details all material facts relevant to a transaction. Federal or state laws require financial institutions to provide disclosures containing information on terms to their customers. Reading disclosures can seem confusing. But, disclosure statements contain the critical information you need to make an informed decision about which financial institution, and its products and services to choose. Learn more.
Are you financially ready? Servicemembers and military families face unique financial challenges, whether on active duty, returning to civilian life, or living as a veteran. In recent years, servicemembers have joined the ranks of those who are considered most vulnerable to predatory lenders and identity theft.
Learn about the special protections offered by the U.S. government for servicemembers and their families.
Get answers to questions frequently asked about consumer loans.
Consumers are faced with many options when they need credit to make a purchase. Before you apply, there are a few things to consider, such as – Why are you borrowing? Do you understand your responsibilities? Have you reviewed your credit? Do you know what you can afford?
Learn about consumer loan features, as well as the importance of your credit report and credit score so that you can obtain the best possible financing.