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New Horizon Community Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization. When a person signs on the dotted line for a loan, payments typically extend from one to five years. A credit union is a not for profit cooperative financial institution.
A given credit union cannot lend all the money saved as loans to its members and cannot invest any residual money in any ventures above a certain level of risk. 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 Credit unions are cooperative financial institutions and are governed by its members.
What are benefits of a credit union? Credit Unions are financial co-operatives owned and controlled by their members. There may be a credit union covering the particular industry/place of employment where you or your partner work so it may be worthwhile contacting your payroll department or union representative.
What are the monthly and individual fees? Credit unions differ from banks in several respects. You can manage your money from share savings to your checking account. You can look up credit unions in your area that you might be able to join. You can take out a car loan from a credit union.
If married both you and your spouse must participate in the loan.
Your local credit union helps you make the most of your money. It may be worth retaining an account at your bank alongside credit union membership. 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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