If you are seeking to secure a loan, you most probably have the option of dealing with a bank or a credit union. It’s not by default that scores of individuals are resorting to do business with a credit union as opposed to a big bank notorious for charging high end interest rates on loans. With everyone bemoaning the high interest rates on loans, there have been a need and the tendency for individuals to resort to credit unions which are by all means relatively cheaper. Getting reasonable interest rates are harder to come by and it’s no wonder that more and more people are choosing to go the credit union way.
The appeal of a nonprofit organization fully committed to the interests of its members is something most people in Mount Vernon and America by extension find appealing. Basically, the key difference between a bank and a credit union has to do with the state of ownership. Credit unions such as CES credit union are owned by customers of a given professional group or individuals with a common interest though this is not restrictive as individuals not belonging to a certain professional group can still apply for a loan from a credit union and get approved. The appeal of credit unions has to with affordable interest rates as compared to big banks. However, when choosing a credit union, you should exercise caution as there are some that masquerade as credit unions while charging the same rates as banks.
With that said, how do you go about choosing the right credit union such as CES credit union?
When choosing a credit union ensure that the amenities it offers fits your needs. Basically, every credit union you come across will boast about utilizing modern technology. However, it is important that you choose one whose amenities specifically fits your needs or expectations. For instance, if you are very particular about bill pay, mobile banking as well as online banking. It’s important that you for a union that offers the aforementioned. See whether the location of the union appeals to you, whether ATM are easily accessible and whether there is a surcharge for ATM use.
Credit cards and loans
It goes without say that the most attractive aspect of credit unions has to do with the competitive interest rates of credit cards and loans. Add to this the fact that you have access to a number of borrowing alternatives or options and you get the bigger picture as to why it’s preferred to big banks hell bent on making huge profits. Different credit unions offer home loans, student loans, personal loans, specialty loans, vehicle loans and so on and so forth. It is therefore important that you choose a union that gives you a wide variety of loan instrument for your needs.
The truth of the matter is each credit union offer a number of services to its members depending on the initial purpose for which it was started. However, all of them expand to offer a number of services with the aim of appealing to its existing as well as prospective customers. Take this into consideration when thinking of borrowing from a credit union.