The Credit Union Difference
Credit unions are cooperatively-owned, not-for-profit financial institutions. Every credit union member is an equal owner of the financial cooperative.
Credit unions reinvest earnings to benefit all members in the form of lower interest rates on loans, higher rates on savings and fewer fees. Iowa credit union members save $123 million annually.
They support members in times of need with low-interest loans for medical emergencies, more options to help families pay for college or buy a home and with financial literacy programs to empower consumers to improve their financial lives.
People Helping People Has Never Been More Important
Iowa credit unions have stepped up to help Iowans and small businesses during the COVID-19 pandemic. Here are just a few ways credit unions are putting people helping people into action.
Credit Union Provides Flexibility in Payment for Grinnell Member
A member recently used a “skip payment” option at his credit union. He is self-employed and recently became laid off. He was thankful the credit union offered this option since he can now use the money he has left to go toward food and gas instead of frantically keeping up on his payments and potentially impacting his credit if he cannot make the payment.
COVID-19 Impact: Iowa Credit Unions Serve as Financial First Responders
Has an Iowa credit union had a positive impact on your life or community? Join your fellow Iowans and tell your credit union story today!
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Credit Unions Benefit Iowans
As financial cooperatives, credit unions return excess earnings to members in the form of better rates and fewer fees. Iowa credit unions save members more than
of total mortgage applications from low/moderate income borrowers are APPROVED
average first mortgage loan made by credit unions
of consumer loans at credit unions made to people with below average credit scores
of credit union business loans are less than $100,000
Iowa Credit Union Impact
In home and auto loans to Iowans
In Annual Member Savings Through Better Rates and Fewer Fees
Annual Economic Contribution to Iowa's Economy
Credit Unions Are Part of Iowa's Economic Engine
Iowa credit unions contributed $1.57 billion in total economic output in Iowa in 2018. For every $1 spent by the state’s credit unions, there is $0.52 added elsewhere in Iowa’s economy. In addition, every job at an Iowa credit union supports 1.02 other jobs elsewhere in Iowa’s economy.
Helping Small Businesses Across Iowa
Credit unions help small business dreams come to life across Iowa. Below are examples of business owners that have benefited from Iowa credit unions and their people helping people approach.