A credit union is a financial institution owned by its members. Credit unions provide affordable loans for small businesses and consumers who may be unable to obtain financing from other sources. They also offer savings and insurance products.
Can I Get a Loan Through a Credit Union?Yes! Many credit unions offer low-interest personal loans, auto loans, home improvement loans, mortgages, and even student loans. The process is similar to applying for a traditional bank loan.
What Is the Downside of a Credit Union?Credit unions often offer a smaller range of financial services. Credit unions are limited to what they can offer due to smaller institutions run by the members, unlike large banks.