6 Credit Union FAQS from VFCU

Why choose VFCU? We do our best to serve our community and provide the best finances available to you! The advantages of borrowing with credit unions are:

• Gaining lower interest rates on loans and credit cards.
• A credit union gives you ownership by providing financial benefits and earning bonus dividends.
• Credit unions give people with lower credit scores an advantage by offering the same lower rates whether you have low credit or no credit.

Read a few common credit union FAQs people have before joining our Brownsville credit union!

What is the Difference Between a Personal and a Share- Secured Loan?

A share-secured loan is a loan that uses assets from your savings account as collateral for the loan, and once approved, that same amount is frozen for the term of the loan. A personal loan is money you borrow from a bank or other financial institution with a fixed repayment period and consistent monthly payments.

How Can a Share-Secured Loan Be Used?

A share-secured loan can be used for things that pertain to personal investments since the money is taken from your personal savings account; the possible outcomes for using this type of loan are:

● Home improvements

● Personal emergencies

● Car improvements/assets

What are the Current VFCU Lending Rates?

Compared to other Brownsville banks, VFCU has comparable rates regarding our loans! Our rates vary depending on the type of loan, but generally, the rates are typically between 5% – 11%.

What Information Do I Need to Apply for a Loan?

Apply for a loan hassle-free online. Although specific loans require more information, prepare to show proof of income and a form of identification.

How Can I Use a Loan?

A loan can be used for so many areas of your life! Do any of these fit your current needs?

● Family vacations

● Paying off debtors

● Back-to-school costs

● Personal emergencies

● Renting a recreational vehicle

● Buying a new/used automobile

Apply for Our Other Loan Services at VFCU!

Members who apply at VFCU will have plenty of practical, reliable, and flexible benefits for any lifestyle. Check out even more loan options;

●     Loyalty Loans

●     Consolidation Loans

●     New/Used Auto Loans

●     Motorcycle, Boat, and RV Loans

Review These Credit Union FAQS!

Contact us for more information and see if you would like to become a member of VFCU and gain access to plenty of membership benefits!