Why you Should Choose a Credit Union for your Next Loan
Apr 5, 2016
What Are the Advantages of Credit Union Loans?
Credit Unions have always been known to be highly service oriented, and that extends to their loan options. Credit unions exist to serve their members instead of their bosses and shareholders, and we firmly believe that credit union loans tend to offer a lot of advantages over bank loans.
Plenty of Loan Options
Big banks need to restrict their loan options so that they can safely offer them to a huge number of people across a large area. That means that they cannot offer specialized loans that meet the needs of specific groups or individuals without charging a large premium for the service. Loans from credit unions can be customized much more easily because the credit union has a much smaller pool of clients and knows much more about them.
People need loans for a lot of different things, from businesses to cars to simply building up a good credit score, and most credit unions can offer loans that are specialized for those goals. Unlike banks, they can also offer loans that take advantage of local circumstances rather than national trends, so their loans can better meet the needs of their members. This is especially important for people who need personal loans since the credit union can know the details of the local economy and any risks that locals might face and adjust their interest rates and terms accordingly.
Big banks are famous for their hidden fees. Their customers don’t always know what they are getting themselves into when they open an account or take out a loan until it’s too late. Credit unions care more about doing right by their members than they do about making a fortune for their shareholders, so they tend to avoid those hidden fees and surprising charges. Great member service is integral to credit unions, because an unhappy member will leave, and a strong member base is the life-blood of any credit union. Most banks are too big to worry about losing a few customers every now and then due to hidden fees, but very few credit unions could survive violating the trust of their members.
All of the differences between banks and credit unions come down to the simple fact that credit unions work with a pool of members that they know and care about while banks simply have a list of customers. That difference manifests itself in a lot of different ways, even in the sort of service that people get. Everyday service tends to be better with credit unions than with banks, not just because they care more about their members, but because of the economic realities of working with a smaller pool of clients. Credit unions can offer better service to each individual member than a bank because they do not need to provide to as many people. They can offer more specific advice and tailor their services because they do not need to work with the same variety of people as a large bank. Credit unions simply specialize in working with a smaller group of people than banks, and that specialization makes it easy for them to offer better service. That’s just as good for people who need help finding the right type of loan as it is for people who need a place to store their paycheck every week.
Better Options, Better Service, Better Experience
Credit unions have a lot to offer to people who want their financial services to come from a trustworthy source with a personal touch. Credit union loans can be tailored to suit the local economy, and they don’t come with hidden fees or traps to leech more money from the borrower. Loans from credit unions can take all of the same forms as bank loans, but they can also be customized much more easily because credit unions don’t need to keep track of as many individual loans as banks do. They know what their members want and need, so they can offer better service than their competition. Credit unions exist only to meet the needs of their members, and that structural difference from banks makes all the difference when it comes to the services that they offer to their members. Credit unions are financial proof that not only is bigger not always better but that there are times when small things can do a lot more than big ones.
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*Annual Percentage Rate. Rates based are based on creditworthiness. Contact credit union for details.
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