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Ever find your best laid plans and biggest dreams derailed because you’re short on funds? Whether you’re launching a new business, renovating your home, or simply covering unexpected expenses, borrowing money can be the key to unlocking opportunities. When done wisely, it’s a powerful tool to help you achieve your goals. There are a variety of options through your local credit union that you may not have heard of that can help you borrow more responsibly and pay down debt. Here are a few tools and tips for how to use them.

Make the Most of Checking Accounts

A checking account is a cornerstone of your personal finance management. It offers a variety of features that help you budget and track your money. At Verve, you can utilize tools like overdraft protection, automatic bill pay, our mobile banking app, extended video teller hours, and an extensive ATM network to manage debt, pay bills on time, and boost your credit score.

Early Pay Can Save the Day

Wouldn’t it be great if you could access money from your paycheck early? At Verve, you can. Early Pay by Verve gives you access to your paycheck up to two days in advance. Use this money when and how you need it.

Consider An Overdraft Line of Credit

Most people could benefit from a financial buffer that provides more liquidity. An overdraft line of credit accomplishes this by linking a credit line to your checking account. This line of credit serves as overdraft protection and automatically covers transactions exceeding your account balance. It provides immediate access to funds, ensures transactions go through, and acts like a safety net to prevent overdraft fees.

If you’re going to use this option, be sure you know the interest rate and terms of your credit line, limit usage to when you really need it, and remember to pay back promptly.

Use Loans Responsibly

Loans create opportunities. For example, home loans can be beneficial for purchasing a home, refinancing, or making significant home improvements. There are many times home loans make sense, like for necessary improvements that help increase your home’s value. Verve’s Home Equity Line of Credit (HELOC) is another way to use your home’s equity for things like renovations and more.

But loans also come with responsibilities. If you’re considering a home loan or a HELOC, consider the pros and cons and make sure you have a plan for repaying the amount you take out.

No Matter Your Needs, Verve is Here for You

Here at Verve, we want to help you live life to the fullest and worry less about money. Whether you need to open a new checking account or are considering ways to borrow responsibly, we’re here to help, so don’t hesitate to reach out. If you’re wondering about the best way to manage debt and save or looking for tips for paying off what you owe, visit Verve’s resources on managing debt.