About Credit Unions

Discover the PayClipper Program: Your Partner in Home Improvement Financing

The PayClipper Program is proud to partner exclusively with local credit unions to finance a wide range of home improvement projects.

If you're already a credit union member, you know the outstanding benefits and personalized service that these institutions provide. However, if you're new to the world of credit unions, we encourage you to explore their many advantages.

Below, you'll find a brief overview of what makes credit unions unique and why they might be the perfect fit for your financial needs.

What is a Credit Union?

A credit union is a member-owned, not-for-profit financial cooperative that provides many of the same services as a bank, such as savings accounts, loans, and credit cards. However, unlike banks, credit unions are focused on serving their members, not generating profits for shareholders.

Key Features of a Credit Union

Member Ownership:

• When you open an account, you become a member and partial owner of the credit union. Each member typically gets one vote, regardless of how much money they have deposited.

Non-Profit Structure:

• Credit unions exist to benefit their members, not to make profits. Earnings are reinvested into the credit union through lower fees, better interest rates, and enhanced services.

Community Focus:

• Many credit unions serve specific communities or groups, such as employees of a certain company, residents of a city, county, state or members of an organization.

Better Rates and Lower Fees:

• Credit unions often offer higher savings rates, lower loan interest rates, and fewer fees compared to traditional banks.

Personalized Service:

• Credit unions emphasize relationship-based banking and often provide more personalized support to their members.

Services Offered by Credit Unions

• Savings and checking accounts
• Auto loans and mortgages
• Credit cards and personal loans
• Fixed Equity Home equity lines of credit (HELOC)
• Online and mobile banking
• Financial education and counseling

Difference Between a Credit Union and a Bank

• Ownership: Banks are owned by shareholders; credit unions are owned by members.
• Profit: Banks aim to maximize profits; credit unions focus on returning value to members.
• Eligibility: Credit unions may require membership criteria, but many have broad eligibility.

Why Choose a Credit Union?

• Competitive loan rates and savings returns
• Fewer fees and more transparency
• Personalized service and community involvement

Joining a credit union is an excellent way to support your financial goals while being part of a cooperative that gives back to the community.