Credit unions are community organizations that provide financial services to those who have a common bond. The members may live in the same community, work in the same business or even attend church together. Credit unions are considered non-profit organizations. They do not seek profits for themselves. Instead, they take any money that is made and use these to reward their members and enhance the services they offer. This is why many people find it is more comfortable to deal with the credit unions in Hollidaysburg, PA when pursuing a loan.
- Before you can get a loan from a credit union, you will need to be a member. Credit unions like to establish a relationship with their members before they begin loaning them money. You will most likely be required to open a savings account and build up some money before you will be considered for a loan of any type.
- By law, the credit union cannot charge you more than 3% finance charges on your loan. Most only charge 1%. This can help to save you money over traditional bank lenders who may charge much more.
- Credit unions do not have hidden charges on their loans that make the process more confusing. Unlike with some loans, there is no penalty for repaying your loan early.
- All credit unions include life insurance with any loan. This is given at no cost to you. Should something happen and you die, your loan would automatically be paid off.
- If you choose an unsecured loan, you could be given as long as five years to pay off your balance. Secured loans may be able to go as long as ten years, depending on the credit union you are working with. In some cases, you may be able to receive a twenty-five year loan.
If you are in need of a loan, there is no better establishment to work with than the credit unions in Hollidaysburg, PA. For help with your financial needs, contact ARC Federal Credit Union. They will be happy to meet with you and go over the many services they can offer.
