Benefits Of Getting Loan From A Credit Union 10. June 2016 Administrator Blog (0) A credit union is a financial cooperative for the people of a community. Since the purpose is to work for the benefit of the members, it offers home and auto loans at fairly simple terms that can efficiently work in everyone’s interest. Following are some upsides of getting loan from a credit union:Willingness to give loans: Credit unions understand their members‘ needs to take loans and patiently assess their credit history and financial ability to provide them the required amount. The loan eligibility requirements are not so stringent at a credit union which increases the likelihood of getting an approval.Low fee and rates: The purpose of a credit union is not to make profits but to offer financial aid to the members to its members. Thus, they offer low interest rates and processing fees on all loan plans.Personalized service: The credit union board of directors consists of the members and thus you can expect to receive personalized services. The staff reviews your concerns regarding loan term, repayment flexibility and financial needs to offer a customized loan plan. Provide proper education: Credit unions provide complete assistance to the members regarding the financial tools and resources available. Thus, you can seek guidance regarding how much money you should borrow or the premium amount you should settle on as per your financial position. Credit unions have professionals to guide you through the loan process. Unions are stable: Market fluctuations do not make your monthly repayments volatile when you have get a loan from a credit union. This is because the source of their finance is the deposits of other members. This make the credit unions a stable source to finance your home or vehicle purchase.Other benefits: Besides simplifying the loan process, the credit unions also offer many other services for the benefit of its members. These may include wire transfer, savings and checking account, MasterCard, ACH origination etc. A credit union provides the required convenience and stability that every loan seeker looks for. You may compare the terms and rates from other available options too before making up your mind. It is not a problem if you aren’t a member of a union yet. It is easy to gain membership and reap the benefits of the financial services offered by a credit union.If you are looking for an auto or home loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about our loan plans, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.