A personal loan can be used for a variety of reasons and not all personal loans are the same. However, those differences can boil down to much more than just the intended use of the loan. The reason? Not all financial institutions are the same. In this ALLIANCE article, we are going to break down why credit unions do personal loans better than any other financial institution.
Better Rates, Lower Fees
Credit unions will always hold one big advantage when it comes to traditional banking institutions: they are not-for-profit. That means at the end of the day, credit unions are focused on providing quality consumer financial products and services to their members. Any profit a credit union generates is given back to its members in the form of lower interest rates. This means the better your credit union does, the more the members will benefit.
On top of offering better rates, credit unions generally offer lower fees. On occasion there can even be no fees. What do lower rates and less fees mean for our members? It means they get quality financial products that they want and that they need in their lives. Instead of being concerned with paying out profits to shareholders, credit unions are focusing on getting their members the help they need. This applies not only to personal loans, but to most consumer financial products offered by credit unions.
More Flexibility
The credit union difference comes from more than just low rates and less fees. Credit unions are far more likely to be flexible and work with you to get that money you need into your hand. At ALLIANCE, we take pride in doing everything in our power to help you reach your financial goals. Even if that means helping you plan for the future or coming up with ways to build your credit so that you can secure the personal loan you need. ALLIANCE Credit Union is a local, West Texas credit union. Just like most credit unions, the employees you interact with at ALLIANCE live and work in the same community as you. We know West Texas and its people, and we are here to help.
Better Service
For the same reason that being a local credit union means we are willing to be more flexible, we also provide better service to our members than a bank does. There are less pain points when you get your financial products at a credit union, but when you have questions or concerns, we are here to help. At ALLIANCE every person you talk to on the phone, through our chat, and at our branches is located in Lubbock, Texas. It is a real person every single time and at ALLIANCE, you are more than just another account number or a dollar amount on a spreadsheet. If you need a personal loan, a credit union could be the answer and the help you are looking for. The credit union model is built to provide first class financial products to members at low and competitive rates. In Lubbock and West Texas, ALLIANCE Credit Union is for people, not profit. Stop by one of our branches or give us a call at 806-798-5554 today!
