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Personal loans are a growing market for people looking to buy everything from a new riding lawnmower to making a down payment on dental surgery. Personal loans usually allow borrowers to get a small amount of money (anywhere from less than $500 to around $5,000) with little to no credit check. Personal loans are becoming much more popular due to the fact that they allow you to take a small amount of money for a short period of time. Personal loans also have smaller interest rates than credit cards.

The average rate on a personal loan is 11.8%, according to figures available from the Federal Reserve. One of the best places to get a personal loan is through a credit union. Unlike a bank, a credit union is a smaller, more people friendly institution that will loan you more money with a smaller interest rate. When it comes to personal loans, bigger is not necessarily better. You want to think about what you are doing, as more than likely you have a large amount of credit available.

However, for those who choose personal loans credit unions should be your first stop. Most people seek out a payday or cash advanced lender. These businesses usually have considerable fees and terms attached to your transaction and are much less forgiving than a credit union or even a bank. Personal loans are a product that doesn’t make a bank a lot of money, so be sure to check around and make sure that you are comfortable with the terms of your loan before you sign on the dotted line. What really counts is in writing, not what your loan officer might promise you. Banks are usually in the business to make money off of the consumer, just be smart and you will end up with a great rate and a little bit of extra money thanks to your personal loan.