Updated: Jul 20
What's the difference between Credit Unions and Banks? Aren't they both just lending institutions?
Nope. While both Credit Unions and Banks are financial institutions there is a key difference between the two. Banks are traditionally for profit business ventures. Credit Unions are not-for-profit organizations. This distinction is the reason that banks typically offer higher interest rates on loans to maximize profits. Credit Unions typically offer lower interest rates on loans to maximize consumer satisfaction. The primary goal of banks is to return financial profits to shareholders, whilst the primary goal of Credit Unions is to aid the financial growth of and to return profits to their members.
Which one would you rather have looking over your loan?
Find out what Credit Unions have to offer you through our Offer Network.