Did you know that when you are looking for a loan that you can usually can find lower interest rates at a credit union? Shopping for a loan can be overwhelming, but credit unions tend to provide some of the best personal loans on the market. Why?
Credit unions are not-for-profit organizations
Because credit unions don’t exist to maximize profits or appease stockholders, they’re more focused on the needs of their members than banks are.
All earnings are paid back to the members in the form of higher savings interest rates and lower loan interest rates.
Credit unions are community-oriented
Unlike big banks, credit unions are usually localized to a specific state or region.
While some credit unions don’t restrict their membership to a geographical area, they still strive to focus on a specific community.
For example, PenFed Credit Union tailors many of its products and services to the military community. That said, it does accept folks with no military connection as members.
Credit unions cooperate with each other
Many credit unions work with each other and share resources to offer better services to their members. If you choose to bank with the credit union that services your personal loan, some services are more convenient.
For example, the CO-OP ATM Network has almost 30,000 ATMs offering surcharge-free withdrawals for members at almost 2,000 credit unions.
Credit unions also often share technology to help provide better services for their customers.
Why you should opt for a credit union personal loan
- Getting a personal loan from a credit union is often a great way to qualify for lower interest rates and better service.
- Even though most credit unions serve a small community, they usually offer just as many products and services as big banks. And because of their not-for-profit status, you can rest assured that your needs are your credit union’s top priority.
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