When you can’t come up with the money you need then your next best option is to be granted a loan. You could choose to seek help from family members or banks. Borrowing from family can be difficult. They may not have the exact amount that you need and paying them back over time could result in some nasty fallouts. Banks want to make money. Their sole purpose is to make profits for their shareholders which simply makes you just another customer as much as they might convince you that they care. So where else can you go? Credit Unions of course. Here’s a couple of reasons that make them a great option for getting a loan.

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The main priority

That’s you! and it always will be. Your needs are the most important thing on a credit unions mind. There are plenty to choose from and they are constantly being reviewed so you’ll be able to know for sure who you are dealing with. Check out this website ‘ncsecu’ for an idea of what you’ll be looking out for. Because credit unions aren’t striving to make profits for shareholders it gives them the time to focus their efforts on creating the best customer support service possible. This means that they are much more willing to help if you have a poor credit rating or need more time to pay back loans.

Paying them back

Credit Unions often have lower interest rates on loans which will make paying them back much easier and less stressful. Without paying back as much you might be able to get a much stronger deal when you’re trying to buy a home or car. Interest rates with credit unions can also work in your favor when you’re trying to save money. They are often higher than banks which means you’ll get more back for your buck.

Money back guarantee

Banks can crash and we’ve seen it happen before. If your credit union is a member of the National Credit Union Association then you’ll be in safe hands. What’s great about this is that even if it fails you will be guaranteed funds up to the amount of $250,000. This means you won’t have to worry about losing all of your hard earned savings.

Lifetime membership

It may be difficult to join a credit union at first. There are often different rules and regulations that you need to meet in order to sign up but once you’re in you’re in. Even if you fail to meet these requirements in the future you’ll be able to maintain an account with them. Once your part of the team, it will make borrowing money a lot simpler and you’ll be taken care of for life.

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So next time you’re short on cash it will be well worth your while stop and have a think before you go running off to the nearest bank. Credit Unions offer the same products and opportunities as a bank does only they are much cheaper.