There are very few people that like to ask for help with money. The embarrassment that comes with admitting you’re short on cash can be enough to dent one’s pride and so, when you’re in a pinch, you do everything you can to find other ways to get cash instead of asking friends or family. Now that we are in 2017, there isn’t a shortage of places willing to lend you the cash you need, but borrowing money the right way is not something many will look into.
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credit union
Credits unions are often a hazy concept to people who have either never heard of them, or to people who buy into the idea that credit unions aren’t real banks. When it comes down to it, the major banking institutions want people to believe that credit unions aren’t real banks – or else people would start flocking to credit unions. However, the truth is that credit unions can often be a welcome alternative to the big banking experience and some credit unions, like 1st Financial Federal Credit Union, can offer benefits and advantages that the big banks just can’t offer. Here are five major benefits of joining a credit union.
You matter. When you start an account with a credit union, you essentially become a member. While big banks have multiple stock holders and executives, a credit union only has the people banking with their institution. This means that when you walk into a credit union, you get treated with the utmost respect and the money you have invested in your accounts is respected too – often with no hidden fees. Most big banks are riddled with hidden fees.
Credit Unions are unique in that each client that uses their services is considered a member and not just a customer. Credit Unions are cooperatives so they operated differently than the regular banks as well. Most communities across Canada have a local credit union that offers financial services as a local alternative to the larger Canadian financial institutions.
What are some advantages of credit unions?
Credit Unions are community focused.
For one, credit unions are very community focused. So, when you become a member of a credit union, you are indirectly giving back to your community. Credit Unions often provide loans to local entrepreneurs and they often donate a lot of their profits to local programs and charities. While the big banks are concerned about their shareholders, credit unions are more concerned about the local communities in which they serve.