If you are strapped for cash and trying to get a loan to finance your dream car, summer holiday or home improvements; banks usually will be the first thing that comes to mind. After all, what with the current loan rates being so attractive, you might find no reason to go and get the loan some place else. Although it is convenient to apply for a loan at the bank, the result will not always be what you hoped for, as there are many requirements that you have to meet in order to get the loan approved. It will be even harder to get a loan from the bank if you have a bad credit history in the past. Even if you do get the loan, you will be slapped with an unattractive and rather high interest rates. What many people don’t know yet, instead of taking the regular route, there’s always the local credit union – such as the First Commonwealth Credit Union – for all your financing and even saving needs.
For those of you who are not yet familiar with credit unions, they are basically financial co-operatives that are owned and controlled by the members. These members will pool and collect their savings in one place together, which will then be used as funds that other members can get loans from. Those who borrow the fund will have to pay interests for the money being loaned to them, just like when they loan from a bank. The members with the saving in the credit unions will get a dividend every year. If you are not sure about the legality and the whole concept of the credit unions, know that these unions are registered and regulated by the Financial Services Authority – that also manages other financial institutions like regular banks. If you are unsure about what credit union you should go for, make First Commonwealth Credit Union your first choice.
The First Commonwealth Credit Union, one of the most known and beloved credit unions, is a nonprofit financial cooperative. The union is jointly owned by their respective members who have put their savings together. True to its nature, this particular credit union is democratically controlled by all its members – where each member can elect the board of directors. Having been around for so many years, the First Commonwealth have had a fairly consistent financial history that is also stable. More than just a credit union, they aim to promote the financial condition of their members. So next time you want to take that loan, you now know there is a great alternative that can make your dreams come true. Being a member of the First Commonwealth requires you to have just US$5 as the minimum balance. You can also put your savings there and feel safe, because the account of the members is insured up to US$250,000. If you do decide to join and apply for a loan, make sure that you do it wisely from the beginning and don’t make rushed decisions that can haunt you for life – in the form of mounting unpaid debts.
