How long do you have to pay for a personal loan?
Fresh Start loans in OKC require repayment within six months to a year.
What credit score do I need for a personal loan?
A higher credit score gives you a better chance of qualifying for a loan with a lower interest rate. A score of 690 or higher will qualify you for the best rates. You can qualify with a credit score lower than that, but your interest rate will be higher.
Will getting prequalified for a personal loan affect my credit score?
When you apply for a Fresh Start Personal loan, Focus Federal Credit Union reviews your credit report as part of the loan application process to help determine your creditworthiness. The request is recorded in your credit report as a hard inquiry. A hard inquiry will be reported on your credit history for about two years. It will stop affecting your credit score in less than a year.
Is there a prepayment penalty for a personal loan?
Loans come with specified terms, including the amount of time you must repay the loan balance and the interest you borrowed. A prepayment penalty is an additional fee charged if you pay off your loan early. Focus Federal Credit Union does not charge a penalty for prepayment.
What’s the difference between a payday loan and a Fresh Start Personal loan?
It’s essential to understand different options before you commit to a loan. Payday loans are extremely short-term loans with repayment due within two to four weeks. Payday loans typically are $500 or less and involve high fees and interest charges.
Personal loans offer lower interest rates with higher limits than payday loans. If you have strong credit, you can qualify for an interest rate in the single digits. They have more extended repayment periods and can be helpful for debt consolidation, building credit, or paying for an emergency.