Borrowing Money

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.

Consumer Credit

  • Section 1 thumbnail Payday Loans

    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.

  • Section 2 thumbnail Payday Loan Alternatives

    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.

  • Section 3 thumbnail Personal Loans: Secured vs. Unsecured

    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.

  • Section 4 thumbnail Home Equity Loans & Lines of Credit

    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.

  • Section 5 thumbnail Buy Now Pay Later

    Buy now, pay later or BNPL is a payment option that lets you make a purchase now with little to no payment and defer the payment for later dates, usually in four installments. You can often avoid interest or fees if the balance is paid in full and on time. Many retailers and online stores offer this payment option to attract customers and increase sales.

  • Section 6 thumbnail Credit Reports & Scores

    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.

  • Section 7 thumbnail Understand Your Credit Card Statement

    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.

  • Section 8 thumbnail Equal Protection Under the Law

    Pride Month is celebrated each June to commemorate the 1969 Stonewall Uprising and efforts to advance equal justice and equal opportunity, including fair lending, for LGBTQ+ individuals.

    Learn more about important fair lending laws and how they protect LGBTQ and other individuals from credit discrimination.

  • Section 9 thumbnail Why Reading Disclosures is Important

    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.

  • Section 10 thumbnail Rights for Servicemembers & their Dependents

    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.

  • Section 11 thumbnail Consumer Loan Calculators

    View calculators for consumer loans.

  • Section 12 thumbnail Frequently Asked Questions About Consumer Loans

    Get answers to questions frequently asked about consumer loans.