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First Mark Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
A credit union is a profit sharing, financial co-operative run democratically by the members of the union itself. A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. When a person signs on the dotted line for a loan, payments typically extend from one to five years.
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 While it's certainly convenient to approach the bank for a loan, the process of applying for finance can be a rocky road and, at the end of it all, you might find that your income isn't enough to finance the repayments. The emphasis of the credit unions is service, unlike banks whose main motivation is profit maximization.
You never know who may have a credit union already organized that fits your interests. The savings can be significant. Is becoming a member of a credit union right for everyone?
Looking around can pay off in spades. Because most of these banks are also small, they can also benefit greatly from becoming a member of a credit union league. The CUCARDŽ has generous daily debit limits of up to $5,000, wherein you can withdraw $400 cash every day at any ATM. Interest Rates are often better at credit unions compared to banks. And then, there is service.
Another benefit of Credit Unions is they are local, ethical and know what their members want.
Your local credit union helps you make the most of your money. Even if your credit rating is poor or non-existent, a credit union may be the right option for you. All members of the Navy Federal Credit Union can make loan payments, order checks, open certificates, apply for various loans, request stop payments, send e-messages and transfer money from other Navy Federal accounts.
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