Types of Loans Available At Community-Based Credit Unions

Credit Card

A credit union is a nonprofit organization that provides financial services at lower prices and spreads its proceeds among its members. They are exempt from most federal and state taxes. This allows them to loans with interest rates that are lower than what a bank offers. They also have higher rates on your savings, better deals on credit cards and are easier to deal with when applying for a loan. Here are some affordable loan types available for you at a credit union:

Mortgages

If you’re looking for a housing loan in Ogden, Utah, Wasatch Peaks Credit Union is a great alternative from banks. They offer low-interest rates and competitive deals like 100% financing, zero-down payments and a 20% cash reimbursement on property commissions.

Student Loans

Credit unions offer considerably lower interest rates for student loans compared to banks. All you have to do to get a student loan is to be a member of the union. This means that not only will you be eligible for the loan, but you’ll also share in the union’s communal profits.

Personal Loans

You can apply for a personal loan for those times you need more cash than you have at hand. Most personal loans offered by credit unions are unsecured. This means you get the loan if you are credit worthy and you don’t have to provide collateral. Unsecured loans, however, attract higher interest rates compared to secure loans.

You can also get auto loans and home equity loans from your credit union. For you to be a member of a community-based credit union, you should live in the same state or city as the location of the credit union. By becoming a member, not only will you be able to use these services, but you’ll also be a valued shareholder of the union.