Credit Unions – Are They a Better Option for Getting Loans?

For most essential investments – like housing or automobiles – we prefer to take a mortgage. Since none of us are endowed with huge wealth or a trust fund, systematic loans can help us in reaching our growth goals. Traditionally, banks have been the go-to option of many for their loaning requirements. But now, credit unions are slowly coming up as a preferred place for securing loans at an affordable rate.

Some of the benefits of getting a loan from a credit union instead of banks in Wareham MA include:

1. Lower interest rate
2. No or marginal processing fee
3. Easier loan approval

Key difference between banks and credits union include:

	Banks	Credit Union
Ownership	Banks are owned by an individual, group of individuals or organizations, or all three of them together.	It is owned by its members.
Intention	It runs with intentions of profit.	It runs with non-profit goals.

Additionally, credit unions offer loans at a comparatively lower rate.

Lastly,

Since members of the credit union are eligible to apply for a loan, you need to be a member first for loan application. However, membership is easy to obtain. The new members receive a membership kit, which contains their account number and a list of additional benefits. Non-members looking for a loan can simultaneously apply for debts and membership. 
    

You can approach the PCT Federal Credit Union instead of banks in Wareham MA for your loan requirements. Visit http://www.pctfcu.org or call 508-291-0777 to know more.