Bridge credit union in Dayton, OH is one of the many such institutions that exist in the community. Membership: The bridge credit union is a non-profit member-owned commercial bank providing banking facilities such as savings, loans, and various other financial services for members. Membership is open to immediate family members of current members too. Membership is by-invitation only.
Bridge loans: Loans are disbursed on demand from the funds accumulated in the pool of members’ accounts. The amount of the loan is decided on the basis of the earning capacity of the person concerned. There are no checks carried out at the doorsteps of the bridge credit union offices.
bridge credit union loans: In this type of bridge credit union loans, you don’t have to place any kind of collateral for borrowing. All your assets are there for grabs, if you want to borrow money. If you are thinking of repaying the borrowed amount, then you can do so with a comfortable monthly repayment plan that the lender suggests. You can use the funds for any purpose you want – home improvement, college education, debt consolidation, vacations, or for any other reason you want.
No documentation required: There’s no need for you to produce any kind of documentation or account of yours for the lender when you apply for bridge credit union loans. This saves both time and money. It also helps the lender in assessing the repayment capacity of the borrower. There is no fee payable for the assessment too.
No legal action: A bridge credit union doesn’t initiate any legal action against the borrower if the borrower doesn’t repay the borrowed amount on time. Even in the event of your not being able to repay, you still have your assets at risk. The bridge credit union gives up all rights to pursue the matter through the court. You must be able to prove that you are unable to pay back the loan amount.
Easy terms: Most bridge credit union loans come with easy repayment terms. The interest rates are very low and the repayment period is long. Also the penalties and fees are kept at a minimum. This makes the deal even more attractive for borrowers. The total amount you borrow is less as compared to the amount you would have paid back to a traditional bank.
No restrictions: A bridge credit union doesn’t restrict the borrower in any way. He can do as he wishes with his personal belongings. He can move his home and return the property to its original owner, if he wants. He can buy another property or a car whenever he wants. He can also rent out his properties at the end of the term.
Convenient: In addition to this, a bridge credit union offers its borrowers an easy and hassle-free way to get their loans approved. You don’t have to go through the excruciating procedure of getting approval for a loan from your bank or another financial institution. All the processes are done online and within a few hours you can have your funds credited to your account. This is convenient for those who need quick money and need it today.
No risk: If you are a borrower from a low income group then you might feel scared about borrowing from a bridge credit union. However, you can be assured that the institution that you borrow from is completely safe. They follow a strict code of conduct and the interest rates are exceptionally low.
Efficient service: A bridge credit union will provide you with efficient customer service. Borrowers often complain about not being able to access their accounts. However, this won’t happen with this institution. Borrowers are provided with fast services, such as loan origination and loan processing. They will help in making fast payments. In addition, they will also make sure that they provide timely information to their borrowers so that there are no delays in payments.
In order to benefit from these advantages that a bridge credit union offers, it is important to avail the services of a good financial company. Many organizations have websites on the Internet. However, you should do a background check on the company that you choose to deal with. Check out for the authenticity of the institution and its credentials. Make sure that you select a bridge credit union that will best serve your purpose.