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Patriot Federal Credit Union
Advantages of Using a Credit Union
Credit unions serve people that share something in common such as an employer or place of worship. Credit unions are financial co-operatives that are run for the benefit of its members. Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization.
A Credit Union is a co-operative institution and as such it is able to set its own interest rates. 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. How does a Credit Union differ from traditional financial institutions like banks and building societies?
The ability to set its own rate often results in a higher dividend (interest rate) and a lower charge on borrowings. Most credit unions are extremely competitive with the list of services that a bank offers. A borrower can prepay a credit union loan without penalty.
By teaming up with each other, the credit unions will be able to expand their network and provide their members with more options for ATM transactions. Since our member are the owners, credit unions make sure to have it as convenient as possible doing business the way their customers want whether online, in person or over the phone. While credit unions obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans. For example, the loan amount can be funneled for the payment of medical bills, small household bills, credit card dues, education dues, etc. You should have six months left on your current enlistment after your loan is paid.
What does it cost to do business at each credit union?
Credit unions are known to provide better and competitive mortgage rates and equity loans. Credit unions may not offer the range of services that you can get from your local bank so check to see what is on offer before you join. Are any of the credit union locations close to your home? Work? On the way? Are there ATMs within walking distance? What are their hours of operation?
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