Credit Unions have been around for decades. It has been around since the 1940s and is made of people who are usually in a small community. The purpose of credit unions is to help individuals rather than to promote profits.
Should it be used as an alternative to banks? In reality, it is possible that this can be your option aside from a bank. Banks will most likely ask a number of requirements in order to ensure that you are going to pay the loan back. For a credit union, you will have to be a member of the credit union first before you could borrow money. Of course, you will need to meet the criteria in order to be a member of the credit union. In most cases, it is a matter of finding the right credit union that fits your profile.
But of course, you will need to understand the different kinds of loans that are offered. You also need to have an employment or a source of income in order to be approved. The good news is that it most likely has lower interest rate. This is a good thing especially for someone who doesn’t want to deal paying exorbitant fees from loans.