The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Overwhelmed By Your Loan Options?
Understand Your Loan Options
There are many different types of loans. So many, in fact, you may actually be overwhelmed by your loan options. First, it is important to understand your loan choices: what credit unions look for and require when lending and then understand what options credit unions may have to meet your financial needs.
Lending considerations and requirements
To understand your financial situation, financial institutions use a debt-to-income ratio. It is important to make sure your debts do not exceed your income. Another item credit unions take into consideration when lending is your credit score. Your credit score may determine things such as your interest rate and the amount we lend based on the value of the collateral.
However, financial institutions will each look at this a little differently. In fact, Mid Oregon Credit Union has a different lending philosophy than many. Tara Turner, Lending Manager at Mid Oregon, explains:
“In reviewing loans, we try to get your whole financial picture, past and present, in order to make an informed decision. In other words, we go beyond just checking boxes.”
Although loan requirements vary by credit union or bank, typical requirements may include having a Social Security Number, membership at the credit union or proof of employment. Often, you may be asked for collateral, references, and income verification.
If you’re concerned about your credit management or loan requirements, ask someone at Mid Oregon for guidance or a referral.
If you are not yet a member with Mid Oregon, don’t worry! Qualifying is easy for Central Oregon residents, and others may qualify through a family or other relationship. Check our membership qualifications to learn more.
Types of Loans
There are many loan types and options and one of these options is the traditional loan. Some traditional loans are home mortgages, vehicles and RV loans and personal loans. Share secured loans, where the credit union makes a loan to you based on what you have in your savings account, and credit cards are also traditional loans.
Another type of loan is one that helps to build your credit. Some credit unions. like Mid Oregon, have credit building loan programs. A shared secure loan can also help to build credit.
Your financial institution may offer loans for specific events or expenses. For example, if you need additional funds to cover expenses during the holidays your credit union may have an option for you. A shorter term home loan will help you pay off your mortgage early.
Finding Out More
Inquire with your credit union to learn more about these loan programs and any others they may have available for you.
To learn more about Mid Oregon Credit Union’s financing programs, visit midoregon.com, email us, call (541) 382-1795 or stop in at any of our 7 Central Oregon branches.
Tips for Parents on Raising Privacy-Savvy Kids
In today’s world, digitally connected families must think about safety and security both online and offline. Every child is taught basic safety and security, like not talking to strangers and looking both ways before crossing the street. Raising privacy-savvy kids and teaching young people easy-to-learn life lessons for online safety and privacy begins with parents leading the way.
The first step is to teach children how to STOP. THINK. CONNECT.: take safety measures, think about the consequences of your actions and connect knowing you have taken steps to safeguard yourself and your family when online.
Share with Care- What you Post Can Last a Lifetime:
Help your children understand that any information they share online can easily be copied and is almost impossible to take back. Teach them to consider who might see a post and how it might be perceived in the future.
Personal Information is Like Money. Value It. Protect It:
Information about your kids, such as the games they like to play and what they search for online, has value ‒ just like money. Talk to your kids about the value of their information and how to be selective with the information they provide to apps and websites.
Post Only About Others as You Would Like to Have Them Post About You:
Remind children and family members about the golden rule and that it applies online as well. What they do online can positively or negatively impact other people.
Own Your Online Presence:
Start the conversation about the public nature of the Internet early. Learn about and teach your kids how to use privacy and security settings on their favorite online games, apps and platforms.
Remain Positively Engaged:
Pay attention to and know the online environments your children use. In the real world, there are good and bad neighborhoods, and the online world is no different. Help them to identify safe and trusted websites and apps. Encourage them to be cautious about clicking on, downloading, posting and uploading content.
Stay Current. Keep Pace With New Ways to Stay Safe Online:
Keep up with new technology and ways to manage privacy. Visit staysafeonline.org or other trusted websites for the latest information about ways to stay safe online. Talk about what you discovered with your family, and engage them on a regular basis to share what they know about privacy.
Created by the National Cyber Security Alliance
Made possible in whole by a grant from the Digital Trust Foundation.
STOPTHINKCONNECT.ORG
https://staysafeonline.org/about-us/overview/
Visit the Mid Oregon Credit Union Security & Fraud Center, for more information and tips.
The Payday Lending Trap
You’re in a financial bind and need some quick cash. You’ve seen payday loan stores all over town and think “Maybe I should try that…”
The Payday Lending Trap
Don’t fall into that trap! Getting a loan with a payday lender could send you down a deep hole that may take years to get out of.
Here’s how payday lenders catch and hold consumers:
To receive cash, you write a check to them for the amount plus the finance charge, which the lender will cash the next time you get a paycheck. They’ll tell you finance charges range from $15 to $50 per $100, but won’t tell you exactly what the interest rate (or APR) will be. Interest rates can run from 390 to 780%, and if your state does not cap the maximum cost, the rates can be even higher!
Running the Math
Here’s the math to figure out what you’d end up paying by borrowing $400 from a payday lending store. There’s a finance charge of $50 and a 14-day term:
• Divide the finance charge by the amount you’re borrowing. $50/$400 = .125.
• Multiply the answer by the number of days in a year. .125 x 365 = 45.625.
• Divide the answer by the number of days in the term. 45.625/ 14 = 3.2589.
• Move the decimal point to the right two places. This is your APR. 325.89%
At the end of your 14-day term, you have to pay them $450. But if you can’t pay it off entirely, you’ll have to roll the balance over, pay another $50 fee, as well as interest charges. At the end of your second term, your balance is almost $600, and if you can’t pay that off entirely, you roll it over again. See how quickly your $400 loan can cost you thousands of dollars?
Alternatives?
So what are some alternatives?
* Ask your employer for an advance on your next paycheck.
* Consider asking family members or friends for a short-term loan.
* If you were a military servicemember, you may be eligible for short-term lending or emergency relief assistance. Contact Military OneSource at 800-342-9647, or visit www.militaryonesource.mil for information.
* A personal loan through Mid Oregon Credit Union. We offer loans with low, interest rates, flexible repayment term lengths and no application fees.
* Open a low-cost or no-cost, low-interest credit card through Mid Oregon Credit Union and use it only for emergencies. No fee is charged by the credit union for cash advances, and there is no balance transfer fee.
No one wants to find themselves in a financial emergency, but there are much better options than turning to a payday lender. To find out more about payday lending and learn about safer ways to get quick cash, visit the Consumer Federation of America webpage www.paydayloaninfo.org/consumer-help.
If you’d like help getting control of your spending, see us at Mid Oregon. We’re committed to helping our members gain financial well-being and offer one-on-one financial advise as well as additional resources to help you get control of your finances. Contact us through through email, phone ((541) 382-1795) or visit one of our seven branches for more information.