Credit Unions are Still a Great Bargain in the Anti-Bank Era
Banks have a long way to go before they will restore consumer confidence and high customer satisfaction ratings. But traditional credit unions are still getting stellar reviews because they are affordable, customer-oriented, and offer a healthy variety of financial products including mortgages, credit cards, checking accounts, and auto loans.
Get a car loan with an interest rate of as little as 3.75 percent, for example, if you are a member of the Pacific Postal Credit Union. If you’re in the armed forces you and your immediate family members can get super rates on home equity loans through military credit unions, and if you work in any government agency there is a credit union ready to cater to your needs. But what most consumers don’t realize is that there are also credit unions all over the USA that allow anyone to join. You don’t have to be in a particular profession or work for a specific company. In many places you can qualify by just paying a low application fee of about $25. Once you open your account you can take full advantage of the perks that many credit unions are famous for, too. Many offer checking without monthly fees, really low interest credit cards without crazy late fees and penalties, and APR rates that top-out at around 18 percent. That’s lower than many banks cards start at, and if you make a late payment on most credit cards your rate can jump as high as 25 or 30 percent.
To find a local credit union you can join visit the website http://www.ncua.gov/dataservices/findcu.aspx which is operated by the National Credit Union Administration.
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