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    Comparing Credit Unions and Banks [INFOGRAPHIC]

    Last updated 1 year ago

    Though it may seem as if credit unions and banks are basically the same, they’re actually quite different. Banks are focused on earning profits for their shareholders, and they do so by investing their customers’ deposits and charging high fees. Credit unions, on the other hand, are owned by their members. When you deposit money into your credit union account, you’re actually buying shares of that institution. The credit union pays you back by giving you higher interest rates on savings accounts and CDs, and lower interest rates on credit cards, mortgages, and other loans. Members of credit unions have far fewer fees, and the fees they do have are negligible. Many members of credit unions also appreciate the personalized service they receive. If you know anyone else who could benefit from great interest rates and better customer service, please feel free to pass along this infographic.

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    What to Look for When Searching for a Student Loan

    Last updated 1 year ago

    Student loans go a long way in making college affordable for everyone. However, the vast amount of debt that these loans can give students calls for extra caution when shopping for the best ones. Here are some considerations that should go into making your decision:

    Honest Terms and Conditions

    Some lenders use student loans as a means of saddling the borrowers with debt and pulling major profits out of hidden conditions, fees, and penalties. It’s important to read the fine print before you even think about signing the contract, to ensure that the lender will not spring any surprise fees on you at a later date. One of the most important conditions to ask the lender about is the default penalty, in case you have a hard time finding work immediately after graduation and cannot afford to make the payments.

    Competitive Rates

    Student lending is a widely utilized service in the United States, and because of that, many lenders will gladly negotiate certain details with you, including, terms, conditions, and interest rates. Rather than negotiating immediately, it helps to gather information from a few different places first, and then negotiate using the best loan conditions you found. This gives both you and the lender a place to start the negotiations.

    Reliable Reputation

    Although there are some online lenders that will grant you a loan with the click of a mouse and no questions asked, you should only ever trust a reputable source. A reputable source has not only given out loans in the past, but has fair terms and conditions, and comes highly recommended. Investing the extra time in finding such a lender can save you major headaches after graduation.

    The student loans offered by Jeanne D’Arc Credit Union of Lowell satisfy all of the above criteria and more. We are proud of our commitment to helping students afford college with reasonable interest rates, negotiable terms, and no prepayment fees. Call (978) 452-5001 today to speak with a loan representative.

    Discover the Benefits of Working With a Credit Union by Checking Out These Resources

    Last updated 1 year ago

    Credit unions are owned by their members. This means that you can enjoy lower rates on your loans. Find out more about how becoming a member of a credit union can help you by talking to a representative of Jeanne D’Arc Credit Union in Lowell. Reach us at (978) 452-5001 or visit our website to learn more about our personal loans, student loans, and mortgages. In the meantime, browse through the following links to read about credit unions.

    • If you’re shopping for a student loan, consider a credit union. This article by Forbes discusses the growing trend in using credit unions to finance higher education.
    • Many people switch to a credit union because of the high fees at banks. Learn more with this article by MSN Money.
    • Do you have GAP insurance for your vehicle? Find out what it is and why you need it at HowStuffWorks.
    • There are many options for paying for college. Get more information on resources with this article by Smart Money.
    • Learn why fewer banks are offering student loan options, and why more credit unions are, with this article by The Wall Street Journal.

    How a Credit Union Can Help Finance Your Education

    Last updated 1 year ago

    Paying for college is becoming increasingly difficult, with tuition rising and private student loans becoming more difficult to obtain. But there are still options out there. In addition to taking advantage of federal student aid programs and scholarships, you should contact your credit union and ask about student loans. Banks may be more likely to deny a student loan application, whereas a credit union tends to be more accessible.

    Lower Interest Rates

    One of the biggest differences between a bank and a credit union is that the latter is structured to serve the needs of its members first and foremost. These establishments are owned by their members, and the members see the benefits of the institution’s profits. The end result is that you can enjoy much lower interest rates than you would likely get at a bank. Credit unions also tend to have negligible service fees.

    Flexible Repayment Options

    When it’s time to repay your student loan, you will more than likely enjoy more flexible repayment options, as compared to a bank. You might choose to defer your payments until after you graduate, or to make low interest payments while you’re in school. You might also choose to have lower monthly payments initially, while you’re climbing the corporate ladder, with higher payments later when they are more manageable. Your credit union might even offer you a discount if you sign up for automatic electronic payments.

    Easy Applications

    The process of getting a student loan from a bank can take quite a bit of paperwork, and you may not receive an answer right away. Once you’re a member at the typical credit union, you should receive instant approval if you qualify. Some credit unions even offer online applications.

    Jeanne D’Arc Credit Union has been providing its Lowell members with a range of financial products and services since 1912. Talk to our friendly staff about a student loan today. Contact us at (978) 452-5001 to learn more about becoming a member.

    A Look at the Consumer Loan Products Offered By Jeanne D'Arc Credit Union

    Last updated 1 year ago

    When you’re ready to make that big purchase, consider taking out a loan from a credit union instead of a bank. Credit unions are generally more accessible lenders, and offer very competitive interest rates. The knowledgeable staff of Jeanne D’Arc Credit Union is devoted to helping consumers make smart choices about their finances. Talk to a staff member today about your financial goals and the type of loan that suits your needs. Here’s a look at some of the benefits of the consumer loan products available at Jeanne D’Arc Credit Union:

    Types of Loans

    Jeanne D’Arc Credit Union has multiple loan types available, so you’re sure to find one that suits your needs. Our institution offers auto loans for new, used, or refinanced vehicles, for up to $80,000 and up to seven-year terms. If you’re interested in purchasing a recreational vehicle or a boat, you might take out a loan for up to $100,000, with up to 15 years to pay it off. Jeanne D’Arc Credit Union also offers consumer loans for motorcycles and personal loans.

    Zero Penalties and Fees

    There are no application fees on any of the consumer loan products. There are also no penalties for early payment, which allows you to take greater control of your financial future. When you take out a loan with Jeanne D’Arc, you won’t be overwhelmed by penalties and fees.

    Available Discounts

    When you talk to a staff member about taking out a loan, ask about the available discounts. For example, if you sign up for automatic electronic payment from your account or direct deposit, you can receive a rate discount.

    Insurance Options

    When you take out a loan with Jeanne D’Arc Credit Union, be sure to ask about the available insurance options. For instance, you might choose GAP insurance for your car. The credit union also offers Credit Life and Credit Disability insurance.

    Jeanne D’Arc Credit Union in Lowell is a not-for-profit financial institution. Ask us about our loan products by calling (978) 452-5001. You could also learn more about our rates by visiting our website.

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