Joining a credit union is one of the best decisions anyone can ever make, and if you haven’t joint one yet, it is high time you did! After all, credit unions are among the few financial institutions in the modern world that function on a “users’ first” and “not-for-profit” model. While the principle aim of commercial banks remains to enrich their shareholders, credit unions aim at helping their members. The following list enumerates some of the top reasons to join a credit union-
- Better interest rates- Credit unions offer the best available interest rates, making them a great option for anyone seeking a cheap auto loan.
- Increased chances of loan approval- If you are looking to get a personal loan, the chances of you getting approved at a credit union are higher than at other financial institutions. This is because credit unions usually know profiles of most of their members, and hence can take non-financial factors into account.
- Personalized attention- While you are just an account number at a huge bank, you are treated as an individual at a credit union. This makes it easier to build relationships with the credit union staff, speeds up the process of getting a loan, and makes tackling issues like erroneous fees a lot more convenient.
- Lower fees- Right from minimum balance required in your account and compulsory monthly financial interactions, to ATM withdrawal, the fees imposed by banks can be huge. Credit unions on the other hand, have a lot more flexible terms, and whenever necessary charge minimal fees.
- Easier availability- Credit unions are a lot more accessible than most banks. You can find a credit union in nearly every neighborhood, and some of these have special opening hours, such as evenings or Sundays, for the convenience of their customers. It is also a lot easier to reach a credit union employee over the phone, as compared to a huge bank.
- Education for members- Credit unions makes an effort to educate their members through regular seminars, personalized financial counseling, and meetings for members. For instance, if you are a youngster looking for the lowest used car loan, not only are you likely to get the best deal for your needs and budget at a credit union, but you can also expect to get the right financial advice on whether you are ready for the loan, and how to manage your finances around it.