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1st United Services Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. Credit unions are financial co-operatives that are run for the benefit of its members. The standard means of obtaining credit via banks has become so widespread that it is easy to believe there is no other option, but there may be an alternative in the form of the little known credit union movement.
The rates of interest on credit union loans are lower than the rates charged by banks and financial institutions. Credit card late fees or NSF fees which can range up to $35 at banks are typically $20-$25 at a credit union. Try contacting occupational, fraternal, religious and alumni organizations you are affiliated with to see if they have a credit union you can join.
Furthermore saving members of credit unions are protected by the Financial Services and Compensation Scheme (FSCS), who provide a safety net for customers of financial firms in the event of the firm going out of business. Make a note of all of the ones you require, and just think are cool, but don't really need. The Air Force Credit Union is a good choice because it is owned by its members and operated by them also so it is a great benefit to all involved.
You can look up credit unions in your area that you might be able to join. All you have to do is prove that you can save before any loan will be offered but once proven, financial assistance will be offered based on how much you can save or tailored to your individual circumstances. Are there any up and coming costs that you anticipate, like a car loan, mortgage or general loan? There are still a number of smaller credit unions in existence so be sure to ask about the services offered before you join. The amount of monthly installments in case of loans offered by lenders may be smaller, but you will end up paying a larger amount of interest in the long run.
This bond may be for people who live or work in a particular area, work for the same employer or belong to the same association or club, such as a church or trade union.
Not only are the rates low, but closing costs generally are much lower than those paid through a conventional lender. Credit unions may not offer the range of services that you can get from your local bank so check to see what is on offer before you join. For peace of mind, credit unions have to be registered and regulated by the Financial Services Authority, who also regulates banks, building societies and all other providers of financial services in Britain.
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