Archive for the ‘Pen Air Federal Credit Union’ category

What is a Credit Union?: Main Points and Benefits to Consider

May 3rd, 2011

What is a credit union? Well, in a nutshell, a credit union is a type of financial institution or organization that offers services, which are specifically geared towards helping their clients manage their finances better. The services that unions offer are very much like those that are offered by banks and other more popular financial institutions, except that credit union programs are relatively more customer-friendly. Since there is an aspect of advising involved, unions are not in the field only to make money in exchange for their services. While it is imperative that they gain a certain amount of profit for them to be able to continue providing services to their clients, much attention is given to improving their customer’s financial footing as well.

This means that if you are in dire need to get some form of help in managing and making the most of your finances, then signing up for the necessary credit union services is the best thing that you can do. While bigger banks and institutions offer counselling services as well, the fact remains that they still need to protect their profit margins. This is not necessarily the case with credit unions. Since they are not mainly profit-making organizations, you will have the luxury of knowing that someone is looking out for you.

What is a credit union and how can one help you save up? Well, since credit unions offer savings services, you will have the luxury of opening your savings account and keeping you money there. Even better, you would have to wait for a certain amount of time before you will be able to withdraw any amount from your account. This is all in accordance with the unions’ goal of helping you put together a good starting amount and a solid financial footing. Without a doubt, you will be able to put together a good amount of money by the time that you will be allowed to access it.

Credit unions also offer loan and financial aid service to their members. This means that you will get the help that you need in scraping the additional amount that you will need for financial emergencies. Even better, union-based loans also have much friendlier clauses than bank-based ones. This means that you will be having a relatively easier time in paying off your dues, for the terms of your loan agreement will not be easier to work with.

What is a credit union and why should you choose one over banks? Well, since credit unions may be seen as support groups, choosing them over business bank corporations will definitely help you ensure that you will have a much easier time in managing your finances. You will also have the luxury of knowing that the people with whom you entrusted your money is actually aiming to help you make what you can out of your investment, instead of spending a substantial amount of money against banking institutions that are mainly aiming to make profits out of your investments.


Why Going for Credit Union Services is Better for your Financial Health

May 2nd, 2011

A credit union is another type of financial institution that offers various financial services much like banks do. If, for example, you are looking for ways to obtain a better credit rating or to improve your current financial standing, you can look into the different options that credit unions have for you and utilize them to your advantage. You would be surprised at the number of things that these financial boosts can do for you, all of which will help you improve various financial aspects of your lifestyle. So long as you stick to the best unions that you can find, you will be able to secure these services without hassle.
Not everybody knows about this alternative financial option, which is probably the main reason why only a small percentage of the world’s financial population is taking advantage of these offers. However, the fact remains that going for services offered by credit unions, as opposed to those offered by the more popular types of financial institutions, allows you to save up on the over-all amount that you would have to shell out in the process of finding temporary solutions to your money problems. Here are some reasons why you should consider signing up for union services and why you should start taking advantage of them as soon as possible.
If you are looking to open a savings account where you can store away a certain percentage of your savings, then you should look into the different options that your local credit union has for you. For one, union-based accounts usually have somewhat higher interest rates, even for personal savings accounts, for their main goal is to encourage more people to place more money into their services. This means that you stand to gain a bigger passive profit by signing up for union accounts, as opposed to bank accounts.
Following the same logic, credit unions also offer relatively lower interest rates for the loans and financial assistance programs that they have for their clients. This means that if you are looking for a specific amount of money to finance a certain purpose, then, union-based loans are your best bets. In addition to having to deal with lower interest rates, you would also be given a longer time to pay all of your dues. Without a doubt, this will make the over-all process of paying your premiums much easier, because you would be allowed to shell out smaller amounts for a longer time.
Finally, applying and qualifying for credit union services is much easier than qualifying for programs sponsored by popular banks. Since credit unions are always on the lookout for ways to gain more members, you would have very little difficulty in applying to any of their programs. As long as you will be able to furnish them with the necessary requirements, you would be on your way to getting the financial aid and service that you require. Maintaining accounts and memberships are hassle-free as well, for low membership rates and amenable membership clauses are imposed for union-based programs.


Tips in Finding the Best Credit Union to Protect your Finances

May 1st, 2011

If you are on the look out for a better way to get the money that you need for certain needs, then you need to look into the best credit union options that are available to you. There are different things that you can do to qualify for the loans that you need without sacrificing your financial history. If you look hard enough, you will be able to find ways to finance your needs without having to encounter problems along the way. As long as you find the right financial institution to help you with your financial problems, there is no doubt that you will be able to get out of any financial wrinkle scot-free.

However, it is important that you limit your choices to the best credit unions in your area before you subscribe to any form of financial help. This will help you ensure that you would not have to deal with problematic financial agreements or any form of hassle on your way to paying off your debt. Here are some pointers that you may use to ensure that you will only be doing business with the best institutions in the field. With these pointers, you should be able to find the right credit union for your needs.

For one, go online and try to access the official websites of the best credit union that you can think of. Every professional financial establishment will surely have its own business website where customers and clients can voice out their concerns. If you cannot find a site for a certain union, then you should think twice about securing your loan from it. Sticking to credit unions that have professional looking sites is a good way to ensure that you will only be dealing with professionals, who will be able to help you out.

A good credit union will also require you to present certain documents and paper works before they will give you the money that you need for whatever purpose. For this reason, it will be a good thing if you look into the different requirements that various unions ask for, both to gauge whether you will be able to provide them and to measure the level of professionalism that these institutions work in. If you find that the union that you are thinking about doing business with suspiciously requires nothing at all, then you should think twice about doing business with it.

Finally, look into the various rates that you would have to work with, in the process of paying your dues. Keep in mind that the best credit union prescribe interest rates depending on the amount of money that will be lent to you. If you find that the rate a certain credit would require for you is too steep for your financial capabilities, then look for another one. There are bound to be other credit unions that will be able to give you the money that you need without costing you an arm and leg on interest rates.