Refinancing a personal loan allows you to lock in a lower interest rate, reducing the amount you pay overall and producing lower monthly payments. Choosing to refinance through a credit union — which is a member-owned, not-for-profit establishment — could get you even larger savings. Below are a few reasons to consider choosing a union when refinancing.

Why You Should Refinance a Loan With a Credit Union

1. Easier Approval Process

Unions often accept members that other lenders have turned away or would have offered higher rates. They’re more flexible and understand borrowers with poor credit or no credit history at all. They often work with people with special employment situations who might not qualify for most loans. 

2. Comprehensive Services & Advice

Unions can do more than help you refinance; they can also boost your financial health as a whole. They offer credit counseling to rebuild or establish credit in safe ways, and they provide debt management services. You can also open checking or savings accounts with them.

3. More Affordable

Since they’re not-for-profit and member-owned, unions offer lower interest rates and fees than other establishments. Also, any money you pay to them goes back into helping members like you. They won’t inflate interest rates for poor credit history or try to charge hidden fees.

4. Member-Centric

While other lenders often cater to large investors and use your money to do so, unions cater to their members. Your financial health and wellness matter to them, and they’re more likely to be amicable and work with you if you’re ever in a financial bind. 

If you’re searching for a quality credit union to refinance your loans, rely on Mohave Community Federal Credit Union in Kingman, AZ. Since 1957, they’ve offered personalized services to their members, including refinancing options, IRA accounts, and checking and savings accounts. They’re the only locally owned and operated union serving all of Mohave County. Learn more about their services online, or call (928) 753-8000 to apply.