Keep us posted on your financial health

home title Posted by SIU Credit Union on Dec 30th, 2009 | View Comments home title
Financial Trouble

Financial Trouble?

Unemployed? Spend too much over the holidays?  Just having trouble making it this month? 

If you can answer yes to any of these questions, I would urge you to call your creditors.

It is so much easier to work with someone having financial problems if they call in when they first realize that it’s going to be tough to make their payments.  If you wait until the collector has sent out several notices, made numerous phone calls and you have ruined your credit, it may be too late to help you.  If you call or visit your collector early on in your financial low, he or she usually has more options available to help you overcome your financial problems.

 Here at SIU Credit Union, we want to help you.  We want you to call us and keep us informed of your financial situations and we want to work with you to overcome your problems.

Give us a call today at 618-457-3595 to discuss your financial situation.

 -Lisa Winthrop

Finance Your Next Vehicle with One of Our Dealer Partners

home title Posted by SIU Credit Union on Dec 28th, 2009 | View Comments home title

SIU CU Works with Many Local Auto Dealers
SIU Credit Union works with many auto dealers in Southern Illinois. Our special relationships with these companies allow us to offer you financing direct from the dealership. So the next time you are buying a car from one of the following auto dealerships make sure you tell them that you want your auto loan from SIU Credit Union!

SIU Credit Union Indirect Auto Dealers
(click on the link to visit their web site)

CBS Early Show, other Media Give Boost to Credit Unions

home title Posted by SIU Credit Union on Dec 21st, 2009 | View Comments home title

 

Is it time for consumers to dump their banks? That’s a question the CBS Early Show posed to consumers in a highly positive Thursday story about credit unions.

The story, “Credit Unions Better than Banks For You?” compared credit unions with banks, touting credit unions’ benefits–including low rates, member service and the fact that credit unions are still lending, even though many banks have pulled back.

“[Consumers are] tired of all the big fees being imposed by the big banks, they’re tired of the really bad customer service…so they’re making the switch from the banks to the credit unions. Membership was up 11% in the third quarter,” said “Early Show” financial contributor Vera Gibbons.

“If you look at the bank loan portfolios, they’re actually shrinking, whereas the credit union loan portfolios are growing,” she added. “What that means–is if you’re a creditworthy customer you stand a better chance of getting a loan at a credit union than at a big commercial bank.”

She also noted that credit unions offer higher rates on deposits and lower rates on loans, especially auto loans.

“The overall satisfaction rate is very high at credit unions,” Gibbons said.

Another story by CBS Moneywatch Thursday said to “consider a credit union” as one of the “nine best strategies for borrowing in 2010.” The story cited a 2009 Pew Charitable Trusts Study, which said credit union credit card interest rates are about 20% lower than banks. The Pew study has received significant attention from other media including The New York Times and The Wall Street Journal.

On Thursday, CNBC noted that consumers should check out credit unions when seeking auto loans. The story quoted Jim Hanson, Credit Union National Association vice president of personal finance. Hanson told CNBC that credit unions’ rates tend to be 1% to 1.5% lower than banks’.

To see a video of the CBS Early Show story, “CUs Better than Banks for You?” or to read the full MoneyWatch article, use the following links:

> CBS Early Show story: CUs Better than Banks for You?

> MoneyWatch article

Suze Orman to Larry King: CUs have great rates

home title Posted by Chris Sievers on Dec 14th, 2009 | View Comments home title

WASHINGTON (12/14/09 CUNA)–Credit unions offer better rates on credit cards, personal finance guru Suze Orman told Larry King on Larry King Live Thursday.

King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.

“Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”

“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,” Orman said.

She suggested consumers visit creditcardconnection.org, a new site that offers information about financial institutions offering credit cards. Users can enter in their zip codes to find credit unions, Orman said.

Give SIU Credit Union’s credit cards a try. Compare our rates and fees to your big bank card to see the difference. Apply today and start saving.

Membership Pays

home title Posted by Chris Sievers on Dec 9th, 2009 | View Comments home title
 

Deborah Piquard receives a $500 Visa Gift Card from credit union President and CEO Dennis Schaefer. Piquard won the new member referral program award.

Deborah Piquard receives a $500 Visa Gift Card from credit union President and CEO Dennis Schaefer. Piquard won the new member referral program award.

 

Being a member of SIU Credit Union has paid off for Deborah Piquard. Deborah won a $500 Visa gift card for winning the new member referral program award on December 8, 2009.

Credit Union members were asked in October and November to refer their friends and family to the credit union for membership. If they did, each person received $10 and a chance to win a $500 Visa gift card, just in time for the holidays.

Share the benefits of credit union membership with your family and friends and encourage them to join SIU Credit Union.

How To Get A Business Loan

home title Posted by SIU Credit Union on Dec 4th, 2009 | View Comments home title

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When you apply for a business loan, you’ve got to complete a lot of paperwork. And that’s only the beginning. After you complete the application package, it goes to the lending institution’s loan committee. Follow the 5 Cs of business credit to get your application noticed:

1.   Character: This includes your personal history, reputation, and (often) your relationship with the lender.

2.   Capacity: This refers to the cash flow, liquidity, asset/liability structure, and net worth of the borrower and guarantors.

3.   Collateral: Your loan should be adequately secured by collateral that is acceptable to the bank, at an acceptable margin.

4.   Capital: Lenders want to see a proper capital structure that doesn’t leave the bank with undue risk exposure.

5.   Conditions: You should be able to demonstrate a thorough understanding of relevant industries, the economy, and any other related conditions.

The five Cs are the elements loan committees evaluate in order to mitigate their risk.  They don’t ensure that all the loans institutions take on are 100 percent risk-free. Rather, they help to identify where the risks are, to determine if risks are layered with other risks, and to spot areas of strength that can reduce risks that may be present.

 

There are three steps you can take to encourage a favorable review of your application:

1.           Communicate your business plan clearly.

2.           Make it evident that you have a solid plan for using the funds.

3.           Provide high-quality, current financial information.

 

Having a detailed, complete application is also important. Many committees look for seven basic elements during reviews. These elements are straightforward but often overlooked by potential borrowers:

1.   Be specific about how you plan to use the funds. “Working capital” is not an adequate explanation.

2.   Show a well-defined source of cash repayment, supported by documented performance.

3.   Define two or three alternate sources of repayment that do not involve liquidation of the pledged collateral.

4.   Provide an analysis of collateral throughout the term of the loan, in terms of value and liquidity.

5.   Include a solid, objective analysis of all risk factors, including a believable “worst-case scenario.”

6.   Summarize the qualifications of the guarantor, including relevant risk analysis, to demonstrate that the guarantor is a willing and capable source of repayment.

7.   Anticipate questions from the committee and provide concise, credible answers.

SIU Credit Union is here to help you along the way. Contact Angela Williams-Barke at 618-457-3595.

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