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Choice Community Credit First Union
South Texas Federal Credit Unionow to Find a Credit Union If you are looking to borrow some money to pay for a dream holiday, buy a car or make some improvements to ..... What is a credit union?
Credit Unions are not for profit institutions. Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership. 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.
First of all, it is easier to obtain a loan from a credit union. After all, you already trust them to look after your money and their current loan rates are good so why go anywhere else? With a mere $5 (or maybe a bit more) deposited into a credit union account, you've become a shareholder, instead of just a customer like at a bank.
Because credit unions' focus of attention is mainly on customer service, their interest rates are typically greater than what banks can offer and therefore all credit union members benefit. Because of this, credit unions welcome everybody from within the common bond regardless of income, employment status or age and also – and perhaps more crucially, regardless of your credit rating or if you are unable to save a regular amount. It's easy enough to find a credit union, if you are willing to look.
For example, the loan amount can be funneled for the payment of medical bills, small household bills, credit card dues, education dues, etc. This comes as a strong point in favor of the credit unions. You can get free online account management for Navy Federal Credit Union members, with 24-hours worldwide access, you can view all your accounts online. Again, because you are a member-owner of your not for profit credit union you derive financial benefits that are reserved for stock holders at for profit banks. Are there any up and coming costs that you anticipate, like a car loan, mortgage or general loan?
So go take a peek at the top contenders on your list.
Because credit unions are democratic, member-owned cooperatives, every member, regardless of account size, has a voice in governance. You may become a shareholder faster than you thought. It may be worth retaining an account at your bank alongside credit union membership.
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