Getting the financial help you need from your local Credit Union

DAILY expenses such as food, travel, books, clothing and phone calls, combined with rent and utility bills, mean that students are now under more financial pressure than ever before.

With that in mind, learning how to make ends meet is vitally important – no matter how limited the means may be – and that’s the reason so many students turn to their local credit union for help. When you become a member and start saving with your credit union you have access to fair and reasonable rates on savings and loans. Your savings also contribute to your credit union’s loan fund, so your savings are helping other members.

Why is a credit union student loan better?

Before taking out a loan of any kind, it’s worth taking the time to understand how lending works. That way you can compare the benefits and be aware of the risks. Here are some of things that make a credit union loan different: Loans are insured (subject to terms and conditions) at no direct cost to the eligible member. No hidden fees or transaction charges. Fair and reasonable interest rates. Repayment terms to suit your particular circumstances. You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra.

How much does a credit union student loan cost?

Some financial institutions try to attract students by offering short term gimmicks to open an account or offer an interest free period on a loan before a higher rate kicks in. This is not how credit unions operate. Credit unions offer loans at fair rates with flexibility to meet your needs. Your local credit union can give you details of their current student loan interest rates.

What about repayments?

Because credit unions represent the members who save and borrow with them, you’ll find your credit union is very flexible. Your credit union can help you with a repayment plan which suits you. If your circumstances change and you want to alter your repayment plan, your credit union is there to help. It’s also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.