Money One Fresh Start Loan Review

Money One Fresh Start Loan ReviewMoney One Fresh Start Loan is offered by the money one Federal Credit Union and is designed to help those without perfect credit get the money they need fast without having to resort to payday loans. They say that you are able to skip the enormous fees and get a fresh start on your finances with the loan that they provide.

Leave it to a credit union to help with payday loan reform by offering short term loans to members so they don’t have to be taken advantage of by the unscrupulous payday lenders out there.

If you are able to avoid payday lenders will also be able to avoid the giant fees that they charge in addition to the loan interest. You will not be improving your credit history when you take out a payday loan, but with a fresh start loan you can help to repair bad credit if you have a history of not making payment on time. Even though it can help your credit, they do not pull your credit report in order to qualify for the loan, and therefore your credit history does not play into their decision making process.

They will set up a totally separate savings account and order to facilitate the loan and it will take money from your paycheck and deposited it into the savings account so you will be building up your savings while taking care of your current financial problems so that if anything should occur in the future you’ll be able to have the cash on hand to deal with it.

Money One Fresh Start Loan Review

Money One Fresh Start Loan does point out that there is a $35 application fee, but they also want you to know that this is less than payday lender fees. They also want you to know that you can only take out 1 $500 loan and a 12 month. Also you are only eligible to receive three of these types of loans in total.

Eligibility Requirements
To be eligible for one of these loans you need to be a member of the credit union for at least 3 months. You also have to have three months of employment that they can verify and it cannot be seasonal employment. you also have to be somewhat involved in their financial fitness course, and you have to have somewhat of a proven history of not causing any sort of financial loss.

Of course you’ll need to prove your income, but you will need to prove that to the payday lender if you go to payday route. Also, you must keep your loan for 6 months prior to paying it off in order to get another one. You will make monthly payments on the loan and they are setup to automatically come out you are account.

If there is any way you can be eligible for this loan you should definitely take it, and even if you don’t qualify for it because you’re not a member yet you should consider becoming a member so you can have access to a loan like this in the future. Anything that keeps you away from payday lenders is a good thing, and it would be worth the time to set this up especially since they help you build your credit and your savings account at the same time you are paying back your loan.

The Value of Credit Unions
The Money One Fresh Start Loan represents just how valuable credit unions are to our communities and is something that should definitely be taken into consideration for anyone looking for a way out of a financial mess. It might not solve your immediate financial needs because you need to be a member with them for 3 months in order to qualify, but it is definitely an incentive to sign up as a member with them because you just never know what’s going to happen in the future and it’s nice to have a financial institution like this that understand what people go through on a day to day basis.

Our Recommendation
Money One Fresh Start Loan definitely gets our recommendation because it is designed to help consumers avoid payday loans and payday lenders. Some major reform you to take place in the payday loan industry and credit unions can play a major role in this revolution. More credit unions should offer these types of loans to their members, but luckily you may be able to sign up as a member at Money One if you meet their basic membership requirements.

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