One of the advantages of choosing a credit union over bank is the diversity in lending. True, banks offer many of the same types of loans that a credit union might, but credit unions generally offer better interest rates and more specific products. Let your members know about the different types of loans listed below.
Diversity of Credit Union Loans
Personal Loans. Whether these are used to consolidate several debts into one, or take a much-needed vacation, this type of unsecured loan is generally the quickest and easiest loan a member can apply for. Our consumer lending forms package fills this need with forms that are compliant and fillable. They also easily integrate with your current data processor to facilitate handy little things like data linking so multiple tellers can view information across their workstations.
Auto Loans. Does a member need a new car? Maybe they would like to purchase a used one. Either way, a vehicle loan is the answer. Again, our consumer forms lending package meets the forms requirement and makes this process much more efficient.
Education Loans. These loans are much more specific, but they do serve a purpose. Typically, most credit unions encourage members to apply for state and federal subsidized loans or grants initially. Once that process is underway and the amount of the loan has been verified, then they can seek an education loan to help fill in the gap if there is one. This might require a person to become a member of your credit union if they are not already. If that`s the case, our new member application is the perfect solution to help you meet their needs.
Home Equity Loans. These can come in different forms. They can be an equity loan on an existing house, or a refinance loan to obtain a better rate on the current mortgage. Either way, our home equity lending packet has all of the necessary forms to help you complete the process with efficiency and ease.
The list above is by no means exhaustive. There are subsets within each category listed above, and other types of loans such as secured loans that carry their own advantages. Credit unions offer more diverse and robust loan types then you typically find with larger banks. It`s important for your members to know this so they don`t go looking elsewhere when a financial need arises. Sometimes information is the best marketing resource. Reach out to your members and let them know what you have to offer. See all products your credit union can offer at www.OakTreeBiz.com.