if not does anyone know what credit Union or around Chicago I can apply for a loan from?
2007-01-11 04:08:41 · 6 answers · asked by jazzy jay 1 in Business & Finance ➔ Personal Finance
yes, for a credit union you must belong in order to get benefits from it. That of course does not mean you automatically get a loan though. You must still qualify. If you dont belong to one, get a family member or co-worker to sponsor you for membership.
2007-01-11 04:17:29 · answer #1 · answered by ricks 5 · 0⤊ 0⤋
I don't think you 'have' to belong to one, but I think it helps.
We're with a local credit union and the one time we had to get a loan quickly, they were wonderful.
For the future, I'd pick a local credit union and set up an automatic deposit into a savings account - even if its only 10-25 a pay check.
2007-01-14 20:26:41 · answer #2 · answered by siren381 2 · 0⤊ 0⤋
Hi~
Belonging to a credit union is as easy as making a small deposit to open an account. You may even be able to apply for membership online. Then see about getting a loan by applying online as well.
To find a credit union near you, check out this web site: http://www.creditunion.coop/cu_locator/index.html
Good luck!
2007-01-11 19:31:48 · answer #3 · answered by intensefirejr 3 · 0⤊ 0⤋
You have to belong but belonging really is no big deal... You simply open a savings account and deposit some money and VOILA you are a member.
The getting a loan thing is the harder part. Though working with a credit union will be far better than a bank as in terms of them willing to make it work if you are having trouble qualifying for a loan.
Good Luck !
: )
2007-01-11 14:09:47 · answer #4 · answered by Kitty 6 · 0⤊ 0⤋
Yes, you have to be a member.
Credit unions operate like banks but the "shareholders" are the members themselves.They can charge less interest on loans and pay higher interest on savings because of this.
Most credit unions are restricted in some way-- either for people who work at a specific company ( like a state employees credit union) or people who live in a certain location.
Look up credit unions in the phone book and call them to see what ones you are eligible for.
2007-01-11 12:18:20 · answer #5 · answered by Maria 4 · 0⤊ 0⤋
Yes you do but the credit union industry has successfully lobbied the regulatory authorities so that now almost anyone can qualify to join.
2007-01-11 12:40:29 · answer #6 · answered by SmittyJ 3 · 0⤊ 0⤋