Personal Loans: Why A Credit Union Is The Best Place – Savings Corner Presented By Coosa Valley Credit Union

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There are many reasons to apply for a personal loan. You may want to get a single loan to consolidate your existing credit card and other types of high interest debt. You may want to get a loan to renovate part of your home, travel on vacation, or to cover holiday expenses. When it comes to personal loans, it is worth looking for the best interest rates and terms. Often times, you will likely find that your local credit union is the best place to get a personal loan. That’s why.

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Friendly service and attention to the community

Credit unions operate differently from banks. These are non-profit organizations that usually serve a specific community. Being non-profit means that credit unions are more focused on helping their members than answering to shareholders or trying to increase profits solely in the interests of the bank. Any profits from the credit union are returned to the members.

Because credit unions usually have rules on who can join, they tend to invest more in their communities and are more committed to ensuring that members of that community succeed than banks. All this does not mean that you will not find friendly service at the bank. You are just more likely to feel like a part of the community when you get a loan from a credit union.

Competitive interest rates

Since credit unions are non-profit, they usually offer higher interest rates than banks. This means that retail loans from a credit union are generally cheaper than loans offered by a commercial bank. According to National Administration of Credit Unions, the average interest rate on an unsecured loan for a period of 36 months in credit unions was lower than the average interest rate in banks in June 2017.

More loan options

Along with better service and lower average interest rates, credit unions tend to offer customers more loan options than commercial banks. For example, depending on your credit history and rating, you may qualify for an unsecured personal loan from your credit union. If you are working on rebuilding your credit, secured loan might be a better option for you. To get a secured loan, you need to make a deposit, which acts as collateral for the loan. Although you can find secured loans from credit unions, many banks do not offer them.

The only catch when it comes to getting a personal loan from a credit union is that you need to: be a member of a credit union before applying for a loan. Joining a credit union is usually an easy process as long as you meet the membership requirements.

For more information click here to read the full article originally appearing on www.mycvcu.org


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