Before securing Trinidad loans it is imperative that customers be familiar with the options available to them in order to qualify for Trinidad loans at a competitive interest rate. Trinidad loans, like those in other countries are widely available through banks and credit unions in Trinidad and Tobago. Often times, when folks obtain a loan through a third party, such as an educational institution, they may end up borrowing from a credit union rather than a bank. This might lead people to think that there is no difference between a credit unions and a bank; and therefore, some may end up speaking of them interchangeably.
The difference between credit unions in Trinidad and banks is rather simple. Whereas banks are owned by shareholders, credit unions in Trinidad are owned by members of the credit union. Trinidad credit unions provide many of the same services as banks. Credit Unions, like banks, offer Trinidad loans and different types of mortgages such as home equity loans, mortgages for the purchase of lands, residential mortgages, and more. Aside from Trinidad mortgage and property loans, credit unions in trinidad and tobago offer a wider selection of loan types than do banks. Among the Trinidad loans offered by credit unions are motor vehicle loans, loans for weddings, loans to cover medical expenses, continuing education loans, and vacation loans.
A significant advantage that credit unions have over banks for those looking to secure Trinidad loans is interest rate. Credit unions are usually able to offer interests rates that are lower than traditional banks. The fact that credit unions are owned by its members, a credit union aims at pleasing its customers who need to acquire Trinidad loans at competitive rates. One thing that is important to a good credit union is to have a solid member base. For instance, Eastern Credit Union, which is one of larger Trinidad and Tobago credit unions has over 160,000 members. On the other hand, Trinidad banking institutions focus on satisfying shareholders.