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Personal loan question

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Established Contributor

Personal loan question

Hello,

I am considering getting a personal loan through my credit union. Terms seem good and all.

My question is ... is there a “stigma” around personal loans? I know that things like consumer financing makes your profile look bad. But other than the expected impact (new account, new debt, etc) is there anything particular about a personal loan that would send a red flag to future creditors down the road?
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Frequent Contributor

Re: Personal loan question

The only I can think of is 30 day late 60 day lates...those can do damage as well and of course Collections

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Super Contributor

Re: Personal loan question


@EaglesFan2006 wrote:
Hello,

I am considering getting a personal loan through my credit union. Terms seem good and all.

My question is ... is there a “stigma” around personal loans? I know that things like consumer financing makes your profile look bad. But other than the expected impact (new account, new debt, etc) is there anything particular about a personal loan that would send a red flag to future creditors down the road?

No there's no stigma around a personal loan from a credit union.

 

The "consumer finance" thing doesn't apply to personal loans from credit unions.

 

 


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