Going to college, buying a house, boat, or car, and starting a new business…what do all of these things have in common? Well, in most cases, you would probably need to take out a loan for all of these things. While the cost of going to college can be offset by getting scholarships and other forms of financial aid, the cost of other large investments isn’t easy to reduce. That’s where you can turn to your bank or credit union to help you out with a loan.
What’s a Credit Union?
If you’ve only worked with major renowned banks, you might not be familiar with a credit union. A credit union is actually just like a bank, except there are a few key differences. Firstly, a credit union isn’t run by a big corporation or company. Usually, credit unions are run by their members, or the people who have an account at the union. As a credit union runs by services, all of the extra profits from lending and investing go back to benefit the members of the union. This means lower rates on loans, higher interest rates on savings accounts, and just general extra profit for the members.
How to Find a Credit Union
If you decide to give a credit union a try, chances are you don’t have to look far. There are nearly as many credit unions as there are major banks, so a quick online search is all it takes to find a credit union near Schiller Park for you. Different unions offer different benefits to its members, so make sure to look into the different features and benefits of the union before you join.
