Why You Should Break Up with Your Bank, Part 7

Liza Deckelbaum

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Published on 10-11-2017

Categories: Articles

Don’t Get Spooked About Borrowing

 

don't be spooked about borrowing

 

It’s October, which means Halloween is right around the corner. But, don’t let loans or borrowing scare you away! It’s understandable to get a little spooked about borrowing or taking out a loan, but as a member of a credit union you can rest easy knowing you’ll be getting the lowest rates possible along with top notch member service.

Credit unions offer a wide variety of loans. Whether you’re searching for a new car or , or starting a new business, credit unions have your back. Credit unions work with members one-on-one to meet your financial goals.

Don’t believe us? Let’s use Coastal member Candice ’s story as an example. Candice had a dream of starting her own hair studio. With the help of Coastal, she was able to open Garnish Hair Studio and Extension Bar, which is now a thriving business in Raleigh.

Taking out a business loan was a big risk for Candice. But, she put her trust in her small business loan officer Louis to help her make the right decision. Louis and Coastal gave Candice the opportunity to borrow the amount of money she needed to continue growing her studio, without having to worry about unattainable payments lurking in the future.

“Coastal really helped me be able to put it together. Louis even visited my construction site as we went through the different phases and he was there for me every single step of the way,” said Candice. Watch her entire story here on Coastal’s YouTube channel. 

Did you know? The National Credit Union Association (NCUA) provides to compare the national average rates for 23 common loans and deposits at banks and credit unions. You can use the charts on the NCUA website to compare the national averages and help guide your decisions as well.

For example, a used car loan with financing for has an average of a 5.09% APR interest rate at national banks and an average of just 2.86% APR interest rate at credit unions. That’s a significant savings.

To learn more about the differences between bank and credit union rates and payments, refer back to our blog post from July for the full scoop.

Bottom line: there’s no reason to be scared about borrowing because unlike big banks, credit unions don’t answer to Wall Street. They answer to you.

 

 

 

 

 

 

 

 

 

 


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