As an incorporated institution since 1956, the sharon credit union has been serving residents of six Massachusetts counties with all their banking needs. Almost every year membership has grown and services have expanded. Among their offerings now are automated financial trackers, a wide variety of loan packages, and a full complement of financial savings vehicles.
Membership
Becoming a member of the Sharon CU is simple. Any resident in the counties of Middlesex, Plymouth, Bristol, Barnstable, Norfolk, or Suffolk in Massachusetts can open an account with as little as five dollars. They are then part of an organization insured by the NCUA up to $250,000 per depositor, operating within the regulation of the State Banking Commissioner.
Deposits greater than $250,000 are insured by the MSIC, which is a credit insurance corporation covering depositor’s funds up to maximums set by Massachusetts law. Besides residents of incorporated counties, membership is available to payroll deduction participants within a thirty mile radius of the main office in Sharon, Massachusetts.
Benefits
With full financial services available, members can take advantage of savings deposit accounts with higher than average APY%, loans and financial consulting at competitive rates. Loan products include mortgages, new and used car and equity auto loans, as well as unsecured and secured personal lending.
Auto loan key attributes include ‘no money down’ options for qualified borrowers; 7 year financing on new vehicles and 5 yeas for used. In addition, interest rates are discounted when payments are automatically deducted from a checking account at Sharon CU. Members can access the equity in their automobile even if they have an existing loan in place.
Existing loans can be refinanced to the maximum value of the car, and if there is no note on the car, Sharon will still allow members to borrow against 100% of the ‘NADA’ listed value. Features of the auto equity note are the same as auto lending for new and used cars, including discounts when payments are made from a Sharon checking account, long financing terms, and discounted interest rates.
Alternative Lending
Personal loans can be a dangerous debt to take on from a payday lender. However, members of a credit union have access to larger amounts for personal use with longer terms and better interest rates. Sharon credit union offers fast application processing and may be able to fund the loan within twenty four hours.
Borrowers can obtain as little as $300 dollars or as much as $10,000 depending on their creditworthiness, and have from one year to four years to pay it back. Interest is fixed, and the long repayment period eliminates exponential accumulated interest from ‘rolling over’ as in a payday business. The benefits of membership extend to secured loans as well. Members can borrow up to 90% of their pledged account for periods of one day to five years. The rate is fixed at 3% over the APY, and money can be received immediately.
Many of these services are available through the local bank, some at competitive rates and some of which are more expensive. Perhaps the biggest benefit to membership in a credit union is being part of a community which pays their participants cash dividends for using their institution
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