If you want a new car loan, a deposit or a credit card under favorable terms and without worrying about large fees and worrying rates, then you can always join a credit union as an alternative to most banks. But where can you find a local credit union to join? Will you even be eligible? Let’s take a closer look and find out!
Where to Look for a Credit Union
It’s no secret that the most well-known credit unions can be found quite easily just by doing an online search. While they have a more general and “bank-like” approach to managing loans and other financial products, local credit unions could be more to your liking.
To find smaller unions in your local area, consider the following tips offered by credit union Castle Rock members:
- Through your employer: If you work in an industry that’s particularly popular in the area you live in, then there’s bound to be a credit union associated with the community in which your company operates. Speak to your supervisor, manager or the HR department to find out about any local unions that might provide membership options to you and other employees.
- Join a local church: Churches are also great for finding and contacting credit unions. Many churches and religious communities are closely in touch with local credit unions that help them through financial support and by lending them money.
- Are you a student? Some credit unions work through schools, in which case you can inquire about them with your professors or through the administration of your college or school.
- Local communities also offer you the chance to join specific credit unions associated with the community in question. For instance, the board members of your HOA or similar organizations in your area can help you locate a local credit union without much difficulty.
- Through online research: Finally, the internet makes it easier than ever to locate a good credit union, as long as you have a little time to do your research. Make sure you look up some key search phrases that use your location and also remember to check online maps for the specific location and description of the unions you find.
Are You Eligible to Join?
Not all credit unions are the same when it comes to the issue of eligibility. While there are some that will freely provide membership to the general public, others have financial or social restrictions. For instance, you might have to be part of a local religious community to join a certain union, or some might require you to have a higher credit score.
In most cases, however, there is a lot of freedom and the rules are not that strict. Out of a few thousand credit unions only a very small percentage are community based, so you can join most of them without any kinds of worries. Even unions that are associated to specific schools and universities might simply require you to attend a single class to be eligible for joining.
Experts claim that the financial crisis of 2008 was actually one of the main reasons why credit unions are enjoying such popularity and availability today. So, if you want to join a local institution to gain access to better financial solutions and lower rates, you’ll find that there might be fewer restrictions than you might ever have expected.