5 Benefits of Credit Unions in the Bay Area

benefits of credit unions

Did you know that 41% of consumers have a credit union account? People are becoming credit union members because of the many great benefits they have to offer. Get ready to work with a new financial institution.

Read on to learn about five benefits of credit unions.

1. Lower Loan and Credit Card Rates

One of the best benefits of credit unions is that they strive to help people. Because of this, they offer great loan and credit card rates. They also provide amazing rates on other credit products like mortgages.

Another one of the benefits of a credit union is that they give their customers free checking and savings accounts. In the Bay Area, you can enjoy these benefits if you find yourself low on money.

2. Forgiving Standards

It can be hard to get a loan or credit card if you have a low rate from a bank. The benefits of a credit union vs. bank are that you don’t need a credit history or can use a damage history. Credit unions tend to be more forgiving when it comes to these circumstances.

A customer will apply to a credit union and have their credit checked as usual. However, if they are experiencing problems, the answer is not just a flat out no. Credit unions will try to work with potential members so that they can somehow qualify.

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3. Higher Savings Account Rates

Another one of the benefits of joining a credit union in the Bay Area is that they provide higher interest rates on savings and checking accounts. This is better than what a bank will offer.

This does not mean the accounts are not insured. In fact, there are insured and just as secure as a commercial bank.

4. Credit Assistance Just For You

Another one of the most important credit union benefits is that they offer personalized credit assistance. This is especially beneficial if you have a poor credit rating. All you need to do is turn to the credit union for help.

At most credit unions, there is a credit counselor who can sit down with those who need extra help. Some unions will even provide a free look at your credit score so that you can see the numbers first-hand.

A counselor can look at your entire credit history to give you tips on how you can increase your score, get out of debt, and more. With a credit union, you can create long-term goals that will help you get out of your financial issues.

5. Community Presence

People in the Bay Area enjoy their community. This is why one of the benefits of credit unions is how involved they are with the community. They work to award grants, scholarships, and create important programs.

Benefits of Credit Unions Explained

Now that the benefits of credit unions have been explained, it makes sense to join one now! A credit union will provide you with better deals than a bank and personally help you through your troubles. Be a part of the betterment of the community by becoming a member of a credit union in the Bay Area.

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