Credit Unions - better than bank for bad credit?
I have a free direct deposit checking account, but no savings. I have some major, major home repairs I need to get done. Due to my credit a 2nd mortgage or refinancing is not going to happen - even though I have about 80K equity in my home.
Would joining a credit union be of any help? I keep hearing it's easier to get loans from them, but how true is that? Do the same "bad credit" rules apply. Exactly what is the difference between a bank & a Credit Union for those of us with bad credit?
Depends on the credit union. We are members of the local credit
Depends on the credit union. We are members of the local credit union due to where I work and I can tell you that ours is fabulous. They are non-profit, where a bank is for-profit. I don't think that all credit unions are non-profit, but I am not sure. I can only tell you that in my personal experience, I would rather deal with my credit union than any old bank.
I have not got good credit, and I have two vehicle loans with very nice interest rates (lower than a bank would give), and also I have one unsecured loan. They helped me to get on track with my property taxes as well.
I know that they currently offer a much better return on investments (like CD's etc.) than the local banks where I live.
If you have the chance to join a credit union, I would say look over the information and talk to people who are members of the credit union. That will give you the best idea of what you are getting into.
I hope that helps. All I can do is tell you my experience, which has been good.
Credit unions are not-for-profit organizations which gets tax ex
Credit unions are not-for-profit organizations which gets tax exemptions from the Federal government. This is the reason why the interest rates offered by credit unions are lesser than banks.
I'ld certainly suggest you to join a credit union in your area. Just visit the credit union of your choice and complete the membership form. Once you're a member, you can apply for the loan.
It's true that getting a loan from a credit union is far easier than from a bank. The credit checking procedure is far easier than in banks. You'll feel better dealing with credit unions since you'll be a member of the union rather than a 'profit-making prospect'. Credit unions may also offer better repayment plans to its member than banks.
