Why Get a Personal Loan From a Credit Union?
Personal loans are the ideal option for financing life’s unexpected events. There are many reasons why you may find yourself in a position where you need to obtain a personal loan. From debt consolidation to financing a major life event, personal loans can help you get the funds you need – quickly.
There are several benefits to obtaining a personal loan from a credit union. Credit unions can offer their members better terms and conditions, more personalized customer support, lower rates, reduced fees, and other benefits unique to their status as a member-owned financial institution.
Keep reading to learn more about why you should consider getting your next personal loan from a credit union instead of a bank or other lender.
Lower Rates & Fees
The credit union difference means that you are a part-owner who can benefit from the profits made by your financial institution – as opposed to big banks where outside stockholders own and benefit from the profits. One of the major ways that you can benefit from membership is through cost savings.
Credit unions generally offer their member-owners lower interest rates on loan products as well as reduced fees across the board on all of their financial products. In some cases, fees that are typical with other financial institutions may be eliminated with a credit union. These fees could include loan organization fees, monthly maintenance fees, annual account fees, and more.
At OUCU Financial, we are committed to reducing and eliminating unnecessary fees wherever possible, and we will never surprise you with hidden or unexpected account fees.
There is something to be said for the benefits of a credit union as a local organization. Joining a credit union means you can expect to receive friendly service from people in your community who assist others in your same workplace, neighborhood, or school.
For example, if you are a police officer, you are eligible to join credit unions that serve other first responders in your area and understand your unique needs.
Membership at OUCU Financial is open to those who live, work, worship, or attend school in Athens, Fairfield, Hocking, Meigs, Morgan, Perry, Vinton, and Washington Counties.
In addition to being an integral part of the city where they are located and servicing a particular segment of the population, credit unions often give back to the community in multiple ways. These contributions to the betterment of their city often include financial donations, community events, financial education, and other resources.
More Personalized Decisions
Credit unions may be able to approve individuals for a loan who would otherwise not qualify for financing from other traditional banks and lenders. As nonprofits, credit unions may have more leeway with their loan requirements and can access risk using more factors than a simple credit score.
Sitting down with a representative at your local credit union branch is much more personal than applying online with a faceless, big-name bank. So if you are in a situation where you have poor credit, no credit, or even bankruptcy, a credit union can often still help.
Wider Range of Financial Products
Many credit unions are happy to offer non-traditional loan products such as debt consolidation loans, secured personal loans, and credit builder loans that other financial institutions don’t provide. So if you need a specific type of personal loan, a credit union is likely going to be your best bet.
At OUCU Financial, our loan products include unconventional loans not easily found elsewhere, including energy efficiency loans, tractor & farm equipment loans, shared secured loans, and even our signature CU Cash Now™ payday loans.
Considering Joining a Local Credit Union?
At OUCU Financial, our core purpose is to promote our members' financial well-being and quality of life through banking and borrowing services, local business support, and community involvement.
Members enjoy lifetime membership, exclusive discounts, friendly service, lower rates on loans, higher rates for deposits, and fewer fees on a full range of products designed to help you achieve financial success.
Personal Loans at OUCU Financial
OUCU Financial offers several different personal financing options, including:
- Personal Signature Loans
- Shared Secured Loans
- Computer Loans
- Energy Efficiency Loans
- CU Cash Now™ Payday Loans
Most of our loan options offer low-interest rates and no prepayment penalties and can be tailored to fit all of your short-term and long-term financial needs. Start discovering how you can use a personal loan to achieve your financial goals!
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