Looking to take out a loan? Credit Union Loans can often be far better than the alternative offered by other financial institutions.
Credit Unions are more "intimate" financial institutions than your average bank. A run of the mill Credit Union in the United States will possess around $93 million in assets, compared to the average bank with $1.53 billion in assets as of 2007.
This smaller emphasis allows Credit Unions to offer better services to individual members, and a better all-round saving experience!
If you've been studiously placing a few pounds away in a Credit Union account every week then you're in prime position to benefit from the outrageously good value that a Credit Union loan can yield.
We've put together a list of the benefits you can expect to yield from a Credit Union Loan:
- Your loan will be insured at no direct coast to the eligible member.
- There are no hidden fees or transaction charges.
- Interest rates will always be highly competitive.
- Far more scope to negotiate repayment terms that suit your particular circumstances better.
- The loans can be paid off earlier with no penalty.
- Additional lump sum repayments are accepted with no penalty.
- Flexibility is there to make larger repayments than agreed with no penalty.
- If you've been saving regularly with a Credit Union, this helps to show them two things. That you are dependable with your money, and it gives them a base with which to trust you with loans bigger than you might get from a bank.
It is worth remembering however, that you will need to be a member of your local Credit Union to avail of a loan, so look into joining today if you haven't already!