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Founder Fcu
What is a credit union?
Credit unions offer special rates for loans that can be helpful to a borrower, and, consequently, they are very popular. Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders. Credit unions are financial co-operatives that are run for the benefit of its members.
Similarly, if you've had credit problems in the past it's highly likely that you'll be forced into punitive interest rates or having your application turned down together. This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks. Money is lent to members who need it.
The savings can be significant. Credit unions also offer lower interest rates on credit cards and loans than banks. It's easy enough to find a credit union, if you are willing to look.
Apart from credit unions, the concept of a credit union league is also attractive for independent banks in the U.S. If you attend religious services, ask the administrative staff if there is a credit union that is affiliated with your church. The Navy Federal Credit Union provides its members with low-rate Visa and MasterCard credit cards, with high credit limits and no cash advance or balance transfer fees. Members benefit from being owners because each member then owns a 'share' of the credit union. This comes as a strong point in favor of the credit unions.
Credit unions should offer its savers a good return on the money that is placed in the fund.
Although there is no fixed rule for all credit unions, generally you must have saved with them before any assistance is offered. From credit cards to car loans, credit unions consistently offer lower rates, better terms and lower fees. You can also serve on your credit union’s volunteer board or one of its committees.
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