|
San Antonio Teacher Credit Union
What is a credit union?
The members of a credit union are its owners who put their own money to run it. A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. Credit unions are financial co-operatives that are run for the benefit of its members.
Air force loans can be as simple as filling out an online application. 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. 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.
Credit unions combine these services with many other benefits such as personal service, generally lower interest rates and higher investment returns. Members can receive cash-back rewards at various merchants. You can ask your employer to consider making the valuable benefit of credit union membership available.
While credit unions obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans. Michigan's largest independent savings bank, with reported assets of $13 billion, is a member of a credit union league. There is no need to shop around for a car loan or to ask the car dealer to offer the car on hire purchase since you can always take out a loan from your credit union. As the main source of income for a credit union comes from the interest charged on members' loans, it is very important that the credit union be proactive in marketing the benefits and availability of their services. The credit unions gain more ground in the competition against the mega-banks of the country.
This holds true even for mortgage rates and equity loans.
This structure is unlike the for-profit, public companies where stockholders vote according to the number of shares of stock they own. Regardless of which credit union offers you the best option, you cannot simply join whichever credit union you want because you have to fulfill the requirements of the common bond. For peace of mind, credit unions have to be registered and regulated by the Financial Services Authority, who also regulates banks, building societies and all other providers of financial services in Britain.
|
