Back-to-school season is here, and you’ve got a lot on your plate. You’re trying to get that last-minute shopping done for your kids, or perhaps yourself, but you also know you’ll need to maintain rent or mortgage payments and save up for next semester’s tuition and books.
What is a back-to-school loan?
A back-to-school loan is a type of student loan or personal loan that helps to cover the cost of buying new school supplies, getting new clothes, or even paying for a semester’s worth of tuition. The purpose of this type of loan is to make sure all your expenses are covered so that you can focus on your studies and not worry about how to pay for them.
Why should I get a back-to-school loan?
A back-to-school loan helps you pay for books, computers, clothes, dorm supplies, and other items that may not be covered by scholarships or financial aid. These loans are easy to apply for online and can be paid off in monthly installments. They also offer lower rates than traditional bank loans, because they are provided through local credit unions instead of big banks like Wells Fargo or Chase Bank.
Why should I get a back-to-school loan from a credit union rather than a bank?
For decades, banks have been the go-to place for loans—especially for students. But credit unions are now offering students lower interest rates and better terms on their student loans. Credit unions offer more competitive rates because there are no fees involved with opening an account – plus they don’t charge high-interest rates like banks do. A back-to-school loan can be a good option if you’re looking for a low-interest rate and easy monthly payments. If you’re in need of some extra cash for back-to-school expenses, consider applying for a loan through your local credit union. You can get pre-approved online and have your money within 24 hours.
What is the Average Back-to-School Loan Interest Rate?
The average interest rate for a back-to-school loan is about 15 percent. This means that if you take out a $1,000 loan, you’ll end up paying $150 in interest over the course of one year. This is an ideal option for you if you can pay off your loan in a few months to a year. At Members Exchange Credit Union, our personal loan rates range from 7.99% to 14.99%.
How much can I borrow on my Back-to-School Loan?
Back-to-school loans vary from lender to lender but are typically available in amounts from $500 to $3,000. They are usually repaid over a period of three to six months with a fixed interest rate of around 8% – 15%.
Apply for a Back to School Loan | MECU | Serving Jackson, Byram, and Pearl, MS
Whether you’re looking for a way to finance your child’s uniforms and school supplies this academic year or need additional funds for your college education, a back-to-school loan from Members Exchange Credit Union can be just what you need. Not only do we provide impressive interest rates on B2S loans, but we also offer a Smart Option Student loan for undergraduates as well as Medical and Dental School loans, Law School loans, Graduate and MBA loans, and more!