NightRider Posted May 16, 2009 Report Share Posted May 16, 2009 Has anyone from here went through a Ohio credit union for a loan? I've seen their ads on tv, they are supposed to have the lowest rates because they a non profit organization? Can anyone give me the lowdown on them? What's the chance of getting approved for a loan of 4k...from them? I'm sure they require an entire life history of employment, and current employment...correct? That's nothing new...but just wondering. Anybody with info or suggestions, much appreciated, Quote Link to comment Share on other sites More sharing options...
ReconRat Posted May 16, 2009 Report Share Posted May 16, 2009 You will probably have to have an account (be a member) there to get a loan. Usually, credit unions service only certain companies, churches, groups, cities, etc. Some Ohio credit unions might be open to the public, but every one I've seen is closed to only the employees of the companies that they service. You can look them up, see details below.Kemba near my house, does federal employees of the DSCC (Defense Supply Construction Center). If you mean the Credit Union of Ohio (cuofohio.org), they only do The Ohio State University. "Credit Union of Ohio is the official credit union for state employees and the students, faculty and staff of The Ohio State University". Credit unions operate under different rules compared to banks. Banks hate them. Banking rules changed almost 30 years ago, to limit credit unions, in favor of banks. Banks have been slowly buying out credit unions, since then, to get rid of them.I have two credit unions, one was bought out by a bank already. I repeat, I hate banks. Credit unions are great, and if you can get in one, the rates are better for everything.All Ohio Credit Unions are members of The Ohio Credit Union League.http://www.ohiocul.org/FAQ: How to join a credit union:http://www.ohiocul.org/Consumer/FAQ.htm#Join%20an%20Ohio%20Credit%20UnionJoin an Ohio credit union You may be eligible to join a credit union through an affiliation with your employer, your occupation, your community, your church, or another group with which you or a family member is associated. 1. Visit www.findacreditunion.com. This online service asks you a few general questions and provides a list of participating Ohio credit unions you may be able to join. 2. Check around. Check with your employer, church, school and professional and service organizations. You may be able to join a credit union through them. Ask your family members; you are eligible to join through a family member's membership. 3. Go Community. Some credit unions offer membership to people who live, work, go to school, or attend church in certain communities, cities, or counties. 4. Look it up. View a complete list of credit unions in your region here. (Remember, you will not be eligible to join all of them). 5. Call us. Call the Ohio Credit Union League (that's us, the state trade association for credit unions) during business hours at (800) 486-2917 or locally at (614) 336-2894, and we will help you find a credit union you may be eligible to join. You can e-mail us for more help.Back on subject, to get a loan in general, you will probably be asked to secure it. In the case of using it for buying a motorcycle, they would ask to hold the title during the term of the loan. They usually won't loan out the full value of the vehicle, but close enough. A two year loan for a few thousand dollars results in only a small amount of interest paid. Quote Link to comment Share on other sites More sharing options...
NightRider Posted May 16, 2009 Author Report Share Posted May 16, 2009 Thanks for the reply Recon. I was just curious and figured it wouldn't hurt to ask some info on them. I could probably join through my father, as he works for social security...maybe? Wouldn't feel like bothering him with it though. Not to mention, with no verifiable employment...it's pretty much a dead issue anyway. Thanks again. Quote Link to comment Share on other sites More sharing options...
ReconRat Posted May 16, 2009 Report Share Posted May 16, 2009 If joining through Father's membership, employment isn't an issue. And any credit union that allows open enrollment, wouldn't care about employment anyway. Quote Link to comment Share on other sites More sharing options...
Looney Posted May 16, 2009 Report Share Posted May 16, 2009 Try Telhio Credit Union. It's open to the public, and they've been great for me. I opened an account just to get a loan. Quote Link to comment Share on other sites More sharing options...
Wheezle Posted May 16, 2009 Report Share Posted May 16, 2009 Kemba is open to the public last I checked. They keep trying to get me to join them and move all my accounts from BMI FCU. Quote Link to comment Share on other sites More sharing options...
max power Posted May 16, 2009 Report Share Posted May 16, 2009 +1 for Telhio. open a $5 savings account and you are a member. I have had all my car and bike loans through them cuz they will do a car loan for 7% no matter how old it is. 5/3 wanted 14% to do my 8 year old truck when I bought it. My wifes Runner was 6.5% and my Vmax was 7%. Quote Link to comment Share on other sites More sharing options...
ReconRat Posted May 16, 2009 Report Share Posted May 16, 2009 Kemba is open to the public last I checked. They keep trying to get me to join them and move all my accounts from BMI FCU.Really? I walked in out here on Cbus east side and they said no. But that was a while ago. Maybe they are open to credit union transfers. Quote Link to comment Share on other sites More sharing options...
that dude Posted May 16, 2009 Report Share Posted May 16, 2009 have a local firemans credit union.?.open to the public Quote Link to comment Share on other sites More sharing options...
NightRider Posted May 16, 2009 Author Report Share Posted May 16, 2009 If joining through Father's membership, employment isn't an issue. And any credit union that allows open enrollment, wouldn't care about employment anyway.Not to sound like an over excited school girl...but really? Why not? I know they don't operate like banks, but handing out loans to anyone who's in..? Can anyone give me an idea of how the the loan process would go? Is it 100% approval? No credit checks, age...doesn't matter?I appreciate all the info. Thank you. Quote Link to comment Share on other sites More sharing options...
ReconRat Posted May 16, 2009 Report Share Posted May 16, 2009 If they are holding your bike title, they own it. They could repo the bike or hold the title for ransom, heh, to get some of their money back. Credit checks can mess up anything. But they might be willing to go half the amount or something. You never know till you try. If it were a large loan, they would probably hesitate at the lack of employment. Mostly I meant getting enrolled in a credit union doesn't matter about employment. I think that if you are a credit union member, you can get some sort of loan, even if it's not as much as you actually wanted. I'm sure they have some sort of limits and rules.I'm not the best person to ask about how loans go now days. I haven't done one in a long time. Quote Link to comment Share on other sites More sharing options...
NightRider Posted May 16, 2009 Author Report Share Posted May 16, 2009 If they are holding your bike title, they own it. They could repo the bike or hold the title for ransom, heh, to get some of their money back. Credit checks can mess up anything. But they might be willing to go half the amount or something. You never know till you try. If it were a large loan, they would probably hesitate at the lack of employment. Mostly I meant getting enrolled in a credit union doesn't matter about employment. I think that if you are a credit union member, you can get some sort of loan, even if it's not as much as you actually wanted. I'm sure they have some sort of limits and rules.I'm not the best person to ask about how loans go now days. I haven't done one in a long time.Ahh ok, yeah...that makes sense. I'm not looking for a 15k or 20k loan, just something i could use to get a descent bike. 4 or 5k, nothing crazy. Thanks Quote Link to comment Share on other sites More sharing options...
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