Why credit union personal loans might be your most cost-effective (and best overall) option

[Gollum]

"More than 4 in 10 Americans belong to a credit union, but this type of financial institution is often an afterthought for many personal loan applicants."

and

"About 75 percent of credit union loans are lent to individual households, not commercial customers. Compare that to 50 percent for most community banks and 30 percent for large banks, according to trade organization America’s Credit Unions (ACU)."

https://komonews.com/money/loans/consider-credit-union-personal-loans (cookies required) May 08, 2025

[Realist]

Credit unions are excellent, highly recommended in so many areas of finance.  I do business with a number of banks and credit unions, but when it comes loans, CD's, or straight out lower rate CC's, credit unions are where it's at.  We cycle much business through them.  Some, do have limitations, but it's a tradeoff.  

Now, as for banks, I find these also serve a purpose.  I actually use one as my main account.  All linked, money flows where it needs to go.  But, at the end of the day, I never seek out welcome bonuses from credit unions.  It's always from a bank.  Why might that be?  Do they have more disposable cash?   Maybe.  Do they need to bring in more business among competition?  Maybe.   Either way, I find credit unions to be the instituations that I keep, and the banks to be the easily replaceable and disposable if need be - with a few banks that serve a purpose. 

As for mortgage needs, I place my order of preference as mortgage broker > credit union > (maybe) bank.  Never used a bank for a mortgage, as rates were too unfavorable when compared to all others.   Ideally, you may land through a broker or a credit union, at the most ideal rate possible for the economic timeframe.