This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Need a Loan? Think 'Union'

Similar standards. Many banks and large financial institutions have tightened their lending standards in the wake of the subprime mortgage crisis. Credit unions, however, have kept their standards relatively steady over the past few years. The only problem is that while many banks were lowering their standards to take advantage of the housing boom, most credit unions kept theirs comparatively high. So though there's plenty of lending going on, risky borrowers will have a more difficult time securing a loan. Still, credit unions are local lenders, so it's worth meeting with a credit union official to discuss your lending options.

Broader memberships. While there are still some credit unions that only work with employees from a particular company or members of a certain congregation, many credit unions are expanding their membership. In many cases, membership eligibility now encompasses all residents in a given county or region, so credit unions are essentially regional entities.

So whether it's for you or your business, the next time your bank or major lender turns you down for a loan, take a second to consider your local credit union. Check out CUNA's search page to find a credit union near you.

Peter McDougall is a freelance writer who lives in Freeport, Maine, with his wife and their dog.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs