Credit union loans are a better option than choosing personal loans from lenders. It doesn’t matter if you want to borrow money to consolidate debt, fund a new car or pay for an emergency expense. The terms and conditions of credit union loans are straightforward. DNCU is one of the best credit unions in New Mexico. The process is simple and below you will read some good reasons why credit union loans are a great alternative.
- Fair loan interest and capped by law.
- Flexibility to restructure repayment if you cannot afford or repay ahead of time without any concerns about penalties.
- Loans are transparent without any extra costs unless you wish to change loan terms.
Banks and credit unions offer the same financial products & services. Nonetheless, the latter is non-profit, whereas the former are for-profit financial institutions.
Get to know about the credit union loans
The first criterion to get a credit union loan is to gain membership. Usually, the eligibility for membership is based on location or related to a current member or have membership in a homeowner’s association, church, school, or labor union.
Get low interest and low fees deal
A credit union aims to promote financial security among community members. Earning profit is not their aim. Credit union membership allows you to get favorable loan terms including low interest and low fees deal.
Average APR for unsecured 3-year credit union loans is as low as 9.25% in comparison to online lenders 36%. Low APR means money saved and even low monthly payment.
Better odds to get approved
With solid credit, you can access favorable loan terms including low APR. Nevertheless, credit unions willingly work with members who have struggled with bad credit in their past but they need to consider you as a member with good standing.
The credit union’s customer base is smaller than the traditional banks. Therefore, they will have limited physical branches. Some credit unions still operate the traditional way. Therefore, if you are into the latest banking technology then choose a credit union that has adapted technology to avoid inconvenience.
Credit unions get highly rated than banks in terms of customer satisfaction. So, reach out to the Del Norte Credit Union and learn about membership eligibility and interest rates. If you get qualified for membership then you will be capable to gain personal loans at lower interest rates. Before signing understand the loan terms and conditions before signing on the dotted line.