Review of the St Louis Community Credit Union

The St. Louis Community Credit Union is seemingly small. It’s the 10th largest credit union in the state of Missouri and the 842nd largest in the country, but according to a study at Washington University, the credit union has a huge impact. “St. Louis Community Credit Union may be the most community-oriented financial institution in St. Louis,” said Stuart Greenbaum, PhD, former Dean and Bank of America Professor Emeritus of Managerial Leadership from the Olin School of Business at Washington University in an article from Saint Louis Today. Read on to find out why the credit union makes such a difference.

Ownership

The St. Louis Community Credit Union is a full service financial institution. The thing that separates credit unions from other financial institutions is ownership. A credit union is owned by all the people who use it save or borrow money. The St. Louis Community Credit Union, then, is owned by the more than 41,000 people who make up its membership. The St. Louis Community Credit Union has about $401 million in assets. The membership of this credit union is primarily low- to moderate-income individuals.

Fewer Fees

The St. Louis Community Credit Union is not-for-profit, which means they can offer fewer fees than other institutions. They also offer lower interest rates. The average interest rate on an automobile loan in St. Louis is 5.48%. The St. Louis Community Credit Union offers rates as low as 3.99%. Of course these are just numbers. Your APR will depend on your credit history, the size of your loan, the way you want to pay it back, and so forth. But there are other benefits that come with the St. Louis Community Credit Union. Many accounts and services are free to members.

Giving Back

In addition, The St. Louis Community Credit Union recycles dollars back into the St. Louis economy. It offers financial literacy programs and resources for people seeking a better understanding of their finances. It offers an alternative to payday loans and credit building services for those who need a little more assistance. Ultimately, a study at Washington University found that the St. Louis Community Credit Union has an annual economic impact of $20 million in St. Louis. This number represents both the very tangible financial impact of the institution, as well as the social impact of its services and presence in the St. Louis area.

Learn More

If you’re looking to save and borrow at a community institution, owned by the people that use it for their financial services and committed to doing good in the local community, perhaps St. Louis Community Credit Union is the place for you. It’s recognized as a Community Development Credit Union (CDCU) and a Community Development Financial Institution (CDFI). Accounts are all federally insured up to $250,000, and privately insured up to another $250,000. For more information visit one of their nine locations or look them up on their website.