Features of Oregon credit unions

Posted by Sarah Addyson on October 23rd, 2019

Opening an account at Oregon credit unions mean that you become a member, actually an owner. Since the cooperative is non-profit, it does not have stockholders and the emphasis is on pleasing members. Customer service is improved and members benefit from the highest level of support. The policies are user-friendly in the same time. People take advantage of them and they are more forgiving when it comes to having a lower credit score or overdraw on the checking account. Representatives are able to work with members in difficult situations and explain how they can overcome them. For instance, if you are temporarily unemployed, discuss openly this matter and find out what solutions are available.

Financial institutions make money from high fees, especially the ones applied to accounts and loans. On the other hand, Oregon credit unions have lower fees and you can even find there are none applied to using the ATM. Members save money this way, as you can avoid the unpleasant charged that cost you money on a monthly basis. Either way, it is highly recommended to go through policies and read about the charged fees, when they apply. More to it, these cooperatives have better interest rates, and this is because they are not focused on making profits, they want to cover operating costs, but otherwise they are able to provide better services and products to members.

For instance, if you apply for a loan, you will pay less on the interest rates and you can even qualify for further discounts. Some people still believe that the Oregon credit union does not have the necessary loan products, but this is not true. You can obtain any type of loan, mortgage, to buy a car, to study, to open a business, for personal use and more. Assistance is provided as well and your case will be discussed to find out which type suits your needs the most and how you can qualify. Some people have a bad credit, as not everyone is in a stable financial situation. The good news is that unions are able to work with such members and find out which terms apply the best.

The Oregon credit union develops educational programs for people, to help them understand how budgeting and the financial world works. They can learn how to cover expenses, how to reduce them and such. It is certainly something to think about, because in many cases people experience issues with their accounts and are unable to figure out how they spend money. If you apply for the loan in person, you will have a chance of explaining your situation and help representatives understand for what you need the money and how you can pay the interest rates. This is something worth considering and a reason to go to a union and learn about the application process.

However, first, you need to become a member and there are some requirements to consider. These cooperatives have some rules regarding who can join. Luckily, they are not as strict as they used to be and it is merely enough to live in a certain area, to go to a school there, work for someone in specific and such. Once you succeed, you remain a member for lifetime and you will not have to meet these requirements, even if something changes in your life. However, some require maintaining a savings account in order to keep the membership and once you do, you can get a credit card, a loan, open a checking account and more. Finding the right union is worth it and once you do, you will experience the flexibility and friendliness, not to mention the great financial products and services.

Resource Box: Now that you are more familiar with the Oregon credit union, it is time to pay a visit and discuss with members to find out how you can join. It is no wonder why so many people choose Oregon credit unions and the good news is that you can become a member as well, since requirements have become less restrictive. 

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