Financial well-being may be one of the main objectives that a local credit union upholds. Loyal customers who have been in good standing with their credit union may be eligible for a loan that offers fair repayment rates.
A Smaller Consumer Base
One reason that people may choose to open an account through a credit union may be due to the smaller amount of clientele they serve. A credit union may serve a particular region or may be part of a moderately large enterprise that has multiple branches. The personalized services that a credit union offers may persuade someone into opening an account through them, in lieu of opening an account at a large banking institution.
Banking services that are offered through a credit union are often similar to what a bank offers. However, a credit union may offer better rates and flexible loan repayment options. A credit union may offer Christmas clubs, direct deposit services, savings and checking account incentives, and more.
If you are already a member of a credit union and haven't overdrawn your account or fallen behind on a loan, you may be eligible for a loan approval. A financial officer is someone who you can schedule an appointment with to discuss your financial health and your monetary needs. Loans may be approved for personal or professional reasons. A loan can be acquired for a home improvement project, business expenses, or the purchase of a home or a business.
Each loan type may come with varying rates that are based on the repayment terms and your personal credit-worthiness. A financial officer will look up your history with the branch you are seeking a loan through. They will guide you toward applying for a loan that you will be the most likely to receive approval for. A loan packet will highlight the credit union rates that you will be charged in the chance that you are approved for a loan.
A financial officer may go over the loan modification process with you too. If you are approved for a loan and have difficulty paying it back, there may be the opportunity to apply for a loan modification. A modification could lower your monthly payments, defer your payments and interest, and alleviate some of the past-due loan amounts that you owe. Before you fill out any paperwork, take the time to review all the loan types and credit union rates that apply.