Question for DUers - Are Credit Unions still providing

malaise

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Sat Nov-22-08 11:07 AM
Original message

Question for DUers - Are Credit Unions still providing

Student loans and car loans for their members?
If they are, doesn't it make more sense to move your money/pension plans from the banks and save in the credit union.

We have great packages here. If we save X amount a month for five years for our 6% interest, we get a million dollar bonus (JA currency).

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SE_Ohio_Dem

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Sat Nov-22-08 11:10 AM
Response to Original message

1. YES !

I'm on the board of a local credit union. While there is an expectation that the receiver is "credit worthy", most credit unions put a lot of effort into working with the borrower to help set terms etc. To be clear, there are credit unions throughout the country in trouble but that's because they're stretching to help members versus lending money that people simply can't pay back (i.e. predatory loans).

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malaise

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Sat Nov-22-08 11:14 AM
Response to Reply #1

2. While I imagine that members losing jobs will have difficulties

paying back their loans, I'm surprised that Credit Union boards weren't reading the fine print on those predatory loans. They are usually very careful.

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The Velveteen Ocelot

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Sat Nov-22-08 11:15 AM
Response to Original message

3. Yes.

My credit union is still making loans, same as always. I like my credit union much more than any bank I've ever used.

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malaise

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Sat Nov-22-08 12:27 PM
Response to Reply #3

4. Same here n/t

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Blue_In_AK

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Sat Nov-22-08 01:40 PM
Response to Original message

5. I love my credit union.

They're still giving loans and they haven't raised by VISA card interest rate EVER, even when I got a little behind several years ago and had to make partial payments for a while. They didn't raise my rate, they didn't report me to any credit score agencies or anything. I love my credit union. Alaska USA FCU, you rock.

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malaise

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Sat Nov-22-08 04:18 PM
Response to Reply #5

6. Same here

I believe in the Credit Union. :hi:

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recoveringrepublican

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Sat Nov-22-08 04:21 PM
Response to Original message

7. We just got something in the mail saying as much

We were sent a letter explaining how our credit union had nothing to worry about. It was basically an advertisement for us to "tell our friends", that they still would be lending out money to those who qualified.

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malaise

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Sat Nov-22-08 08:23 PM
Response to Reply #7

10. Interesting

More people should join.

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Selatius

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Sat Nov-22-08 04:21 PM
Response to Original message

8. Credit Unions didn't get into the same shit that investment banks/commercial banks did.

Unlike those institutions, the depositors actually have voting rights. In one sense, credit unions are pretty democratic compared to banks that are owned by a gaggle of shareholders who may not even be depositors at the institution whose shares they own.

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malaise

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Sat Nov-22-08 08:22 PM
Response to Reply #8

9. Agreed

I trust ours big time.

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