When you’re in need of money to invest or buy something, but your life savings are not as big as you wish it was, then you need to go for a loan. Getting one though is not as easy as some might think. It’s hard to be approved for one and it’s even harder to return what you asked for over the years.
Before getting one, it’s best to explore your options. If you open the internet you’ll see that there are lots of different opinions on this subject. Some say it’s best to get a loan from one place, others suggest something else.
The catch is that everyone is basing their claims on their own experience forgetting about many issues. Others are writing ads about products that are giving them profit without the care if that is going to mislead someone. It’s marketing, okay, but it’s not ethical in some cases.
In this article, we’re going to talk about the Syracuse Federal Credit Union loans. Are they good as some say or is this just a part of the ads. Read on and find out!
What is a credit union loan?
Let’s learn the basics first. A credit union is a group of members who own a cooperative. They are giving out loans to people who are a part of the union. In the world, there were around 274 million members in 2018. Learn more about this here.
What they do is offer competitive, or better offers to people who are a part of the program. The Federal credit union was created in 1934 and is controlled by the FCU act that was introduced the same year. With it, those asking for a loan can be sure that they are protected by the law.
FCU loans provide the best interest rates
Since they are created from one union member to others their point is not to make the organization richer, but to help the people out. The banks and other firms that are in this business are trying to do everything they can to make more profits.
That’s why they create ads to convince their potential clients in accepting their offers. They don’t care about the overall wellbeing. Their only concern is to make more money out of interest.
The FCU is not made for profits. There’s not one owner and no one is trying to become richer. The only reason why something like this made for some people to help others. In fact, the positive public opinion in these organizations is 60% which is double than the banks that stand on 30%.
Lowest possible interest rates
The FCU interest rates are the lowest ones out there without even having someone to compete with them. Their average interest rate on personal loans is 6.2% while the secured one year is 2.0%. In comparison, the banks and the other lenders are on a much higher level. Their rates go from 13% to 24%.
Of course, if your credit score is not high enough, you won’t be able to get one of these either. Before you ask for a loan, you better make sure you are eligible. For this, you’ll need to apply some new ways of living your life and introducing more savings. Click here to read more tips about this issue if you think you need a credit score improvement.
A different approach from employees
As we said, the banks and the professional loaners and companies in the business will do everything to make more money. Their employees will tell you everything you want to hear just to convince you that you should choose them as your best option.
On the other hand, the officers at any CU will give you a completely different approach. They won’t try to convince you of anything because their job does not depend on how much deals they’re going to make at the end of the month.
No, they’ll explain what’s best for you, what they can do to help, and what loan will work best for you. If they have nothing in their line of options, they’ll tell you that you won’t get help there and you should look for another place. In the end, you’ve come to the place where you won’t just get a loan, but you’ll get help in solving your problem. See here why officer honesty is so important in this business: https://smallbusiness.chron.com/honesty-important-business-22624.html.
We can say in short that indeed, this one is the best among all the options there are out there when you’re trying to borrow some money. Still, you need to be a part of these organizations, but that’s not a huge problem as you can file a request at all times.