Credit Union Loans Better than PayDay Loans
Posted on November 11, 2009
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www.ilcomcu.org – When you’re desperate for cash you may be tempted to take out a payday loan. The Illinois Community Credit Union has a better idea. Call us at 815-895-4541.
The biggest difference between credit unions and banks is that the members are also the owners of the credit union. They elect a board of directors in a democratic one-person-one-vote system. It doesn’t matter the amount of money that a member has invested in the credit union, they are eligible to be elected to the board. As a member, no matter how small your bank account, you are part owner of a thriving enterprise.
Credit Unions offer many different services including online banking, checking accounts, credit cards, certificates of deposit, and savings accounts. Of course you must be a member to take advantage of any of the services offered by a credit union. One of the biggest things you will notice as a member, is that you will be on the receiving end of great customer service. Gone will be the days of being treated like a number at your old bank.
Member-centered credit unions like the Illinois Community Credit Union are now offering sensible alternatives to payday loans. These loans are typically for amounts under $500 and the monthly payments are small. Interest rates are small too, and there is typically no collateral required. Doesn’t that make a lot more sense than a payday loan?
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