If he's a first-time home shopper, he may have a better chance of getting a mortgage approved and a better deal. Unlike most banks, some credit unions will look beyond complicated credit scoring systems. Credit unions across the country have been aggressively expanding their offerings of first mortgages and home equity lines. Loans and leasing for small businesses, too If Joe is considering starting his own business, a credit union may be a good choice. The loans represent only 0.8 percent of total credit union assets.
Members needing financing can get it for items such as office equipment and trucks.
In another effort to compete with large banks, some credit unions are sharing their services with outside members. Say Joe is traveling to another state. He may want to check with his home state's credit union league to find out if there's a network of credit unions that will take him in. For instance, the Credit Union Service Network, based in Hightstown, N.J., consists of 38 New Jersey credit unions that will allow visiting members to perform in-house cash withdrawals, secure loans over the Internet and use their ATMs. Finally, in strong financial times, credit unions reward members with dividends on certain accounts and cash bonuses.