All you wanted to know about Credit Union

Are you looking for a Mortgage? Heading to the nearest bank in your vicinity would be the next best thing to do. But bank mortgages come with its set of dos and don’ts that are seldom feasible to the lender. Be it nationalized or private sector banks, none have lucrative interest rates in out hour of need. Most of us go for it as there is no better alternative, but is there really no other alternative. Give it thought, and then conclude. The good news is there is a alternative and rather a better one. And that is the Credit Union. Lets us know what is Credit Union and how is it more beneficial than a conventional bank. What do u mean by Credit Union? Credit Union is a non profit financial organization that is controlled by a co-operative group of people or members. A group of members or people that have something in common like, an employer, member of a community or members of a religious community, come together and pool in their money to form a credit union. This money can be lent to one another in the hour of need at very affordable interest rates. This is a very feasible option to each and every member as they can have a say in the union and also reap the benefits. They don’t have to depend on banks or financial institutions for any financial need. Advantages of Credit Unions There is no difference between the working culture of credit unions and banks. Credit Union offer the same services as banks do, like a savings account, loans and fixed deposits. The only difference is that credit unions offers higher interest rates for deposits and lower for mortgages and credit cards. These are democratic organizations, hence you being a member have a say in governance of the credit union, irrespective of the size of your account. Your membership will lasts with the credit union for ever. There would not be a termination even if you relocate to another place. Credit unions conduct annual elections to appoint Board of members; you can take part and elect your representative. Where to find the right Credit Union to join? The first place to check for Credit Union is your employer. If there isn’t one request the employer to form one. You can also check your community where you live or the religious community where you belong. I am sure there might be a Credit union there. Every Credit union has some formalities to be meet before you join, so make sure you have all the necessary documents and required amount before you take the membership.