Back-to-school shopping can be overwhelming, especially with the rising cost of items. If you haven't tucked money away ahead of time or your budget doesn't quite align with your back-to-school needs, you may want to consider financing options like a back-to-school loan.
What is a Back-to-School Loan?
A back-to-school loan is a type of personal loan that helps you to cover the costs of purchasing school supplies, clothes, or books for your educational needs. With a back-to-school loan, you can make sure that your expenses are covered so you can focus on you or your child's studies and not have to worry about how to pay for them. Additionally, educators can also benefit from a back-to-school loan by using the funds to purchase supplies for their classroom.
Why should I get a Back-to-School Loan?
A back-to-school loan gives you the funds you need to help pay for computers, books, dorm supplies, and other essentials that may not be covered by financial aid or scholarships. It's easy to apply for, can be paid off in monthly installments, and can offer lower rates than credit cards or other traditional bank loans.
Why apply for a Back-to-School Loan at a credit union vs. a bank?
While credit unions and banks may offer some of the same services and products, they are quite different. For one, credit unions like Members First Credit Union of Florida, are not-for-profit financial institutions that work to serve their members, unlike banks, who make profits for their shareholders. As a not-for-profit organization, Credit Union earnings directly benefit members in the form or higher savings rates, better loan rates, lower fees, and other services.
What are typical rates for Back-to-School Loans?
Back-to-School loan rates can average around 15%. Meaning, if you take out a $1,000 loan, you will end up paying $150 in interest over the course of 12 months. Members First Credit Union of Florida's Back-to-School loan offers an annual percentage rate as a low as 10%.
How much can you borrow with a Back-to-School Loan?
The amount you can borrow for a Back-to-School loan varies from lender to lender, but typically these loans are available in amounts from $500 - $3,000 and are usually repaid over a period of three to six months. At Members First, you can borrow up to $2,000 for up to 12 months with our Back-to-School loan.
Back-to-School Loan
Finance the cost of clothing, electronics, school supplies, and other back-to-school essentials with Members First.
Borrow up to $2,000
All loans are subject to credit approval. APR= Annual Percentage Rate. The annual percentage rate you pay will be based on the number of months your loan is financed, the loan type and your credit history. The APR will be disclosed prior to an advance being made on a loan. Loan terms may vary based on value and type of collateral.
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