Credit Unions are nonprofit/tax-exempt and don't have private ownership (stock). Since they don't have to show a profit, they just have to make the money they need to run the business. Also, many will pay out dividends to members at set intervals.
I don't know if they are easier for loans, but they are usually MUCH better for interest rates in loans.
I don't know if they are easier for loans, but they are usually MUCH better for interest rates in loans.
Exactly. They answer to membership only. They were designed to help out members so rates are generally lower as they aren't out to make a profit specifically a large profit. They need to cover expenses and loses while building a steady portfolio.
I think they are not for profit, not non profit.
Non profit they Can't make money. Credit unions need to maintain some capital to increase their portfolio. They just make it a nickel at a time rather than $10 at a time that traditional banks would go for.
I think they are not for profit, not non profit.
Non profit they Can't make money. Credit unions need to maintain some capital to increase their portfolio. They just make it a nickel at a time rather than $10 at a time that traditional banks would go for.
@Anonymous wrote:Credit Unions almost always beat out banks. I have nearly $55,000 in credit from one credit union. They have never told me no.
Almost being the operative word. My one and only experience with a credit union was as (if not more) unpleasant than any big bank I've encocuntered. I was a breech baby, so my experiences are usually different.
No stock holders, just stakeholders like you and me. My fav little local CU will go as far as to match most terms of firm offers. As a member of 20+credit unions and one wonderful little local bank (open 7 days a week and a free gift when you open an account) Never Never Never will a TBTF bank hold a nickel of my money. They are more than welcome to give me some swell rewards on my credit card purchases tho 
@Anonymous wrote:No stock holders, just stakeholders like you and me. My fav little local CU will go as far as to match most terms of firm offers. As a member of 20+credit unions and one wonderful little local bank (open 7 days a week and a free gift when you open an account) Never Never Never will a TBTF bank hold a nickel of my money. They are more than welcome to give me some swell rewards on my credit card purchases tho
+100 I just hate I found CUs so late in life! CUs now hold all my accounts accept my emergency savings which is at Ally Bank and my investment account which is at Vanguard.
