There are many factors that set credit unions apart from other financial institutions. In this article, we will present some of the key advantages to joining a credit union, particularly as they relate to loans. If you’re interested in joining a credit union, but you’re not sure what makes them different, then this is a great starting point for you.

Perhaps the most important distinction of a credit union is that they are owned by their members. That’s right, when you join a credit union, you are actually placing your stake in owning part of the credit union. This cooperative model makes for a more personal, community-centered financial experience. With your participation you are taking an active role in creating a positive local exchange.

Due to their locality, credit unions offer a wide variety of loans, including mortgages and auto loans. Because you are invested in the prosperity of the operation, the credit union wants to see you succeed with all your financial ambitions. This includes offering lines of credit, lower interest rates on certain types of loans, and helping you plan for larger purchases in the future.

A high quality credit union offers a personal touch that is very difficult to find at other financial organizations. If you need to apply for a credit card or a loan, you will never have any trouble meeting with someone who can walk you through the process and answer any questions you might have. You can rest assured that you’re in good hands whether you’re new to loans, or experienced.

At a credit union you’re twice as likely to find free checking than at other financial institutions. Credit unions help you establish a strong financial foundation so that you can develop more funds, make smarter purchasing decisions, and improve your credit score. Most credit unions offer auto loans, checking accounts, mortgage loans, and credit cards. Of course you will need to consult with a local credit union to see what they offer, and what advantages they may be able to provide when compared to national banks. Often times credit unions are the better choice if you’re looking to establish a long lasting relationship with a local entity.