Credit Unions are not-for-profit organizations that offer loans and other financial services at lower fees. Some of the credit unions are community based who offer services only to special groups like teachers, small businessmen or police officers. Credit Unions offer cash back incentives and discounts on a time to time basis.
Here are 5 benefits of using credit unions:
1. Free financial workshops: Credit unions offer free financial workshops for its members as they give high importance to financial literacy. They will help you in doing full financial assessments while you're planning for home buying. The financial education that they offer actually helps the people in the long run in taking right decision. Some of the credit unions even offer online seminars!
2. Benefits to the near and dear ones: Credit unions will
not only serve the individual consumer but will also cater to the family
members of those consumers. They offer various products starting from
checking accounts to retirement benefits. Kid-friendly
accounts are also available with them. Some of them have senior clubs
which offer free perks like ID theft recovery services, travelers'
check, etc to the seniors. Some of them even offer brokerage accounts,
life insurance and health insurance coverage.
3. Discounts on various services: Credit unions offer various useful and fun discounts as well. Some of the credit unions offer discounts on sports tickets, amusement parks, tax preparation software, etc. Some of them even offer discounts on tours and travels.
4. Various incentives: All the major credit unions offer
various incentives to their members. For example, there are some credit
unions who offer cash back rebates for car loans, on savings and
checking accounts, etc. There are some credit unions who also offer
reward programs to the consumers. These rewards can be used for
charitable contributions, merchandise, travel or gift cards, etc.
5. Effortless renegotiation on loan terms: Normally, the loans offered by credit unions are available at a low rate. However, it is also quite easy to re-negotiate loan terms if you're facing hardship. However, it is a fact that at times, re-negotiating a loan can have a negative affect on your credit score.