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Coast Community Credit First Union
Credit Unions - A Friendly Alternative To High-Street Finance
Credit unions sole purpose is to serve their member-owners. Credit unions are financial co-operatives that are run for the benefit of its members. Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership.
As maximizing profits is not the key goal for a credit union, it tries to encourage its members to save regularly, to provide loans and financial assistance to its members at the lowest rates of interest possible, and to offer its members help and support, if required, in the management of their financial affairs Air force loans can be as simple as filling out an online application. The emphasis of the credit unions is service, unlike banks whose main motivation is profit maximization.
A borrower can prepay a credit union loan without penalty. The ability to set its own rate often results in a higher dividend (interest rate) and a lower charge on borrowings. Using the sum of all members’ savings, the credit union is able to provide low cost financial services to its members.
How do you qualify for this Air Force Loan? Members benefit from being owners because each member then owns a 'share' of the credit union. There is really no way to gauge service than by either contacting the credit union, or walking in the door. This is an additional benefit of taking advantage of a home equity loan. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent.
In other words, you get higher interest rates on basic savings (share) accounts, interest-bearing checking accounts and CDs.
Online banking, free bill pay and investment services are common at credit unions. Most major credit unions offer all of the same services as big banks. Being a member of the Navy Federal Credit Union can save you hundreds of dollars.
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