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Share Pledge Loans - May 7, 2012 by WWFCU

Share Pledge LoansIf you have money in your savings account or on deposit in a share certificate with your Credit Union, you may qualify for a share pledge loan. These loans are beautifully simple: you use the money on deposit in your account as collateral for the loan you wish to take out from the Credit Union. The money stays in your account and continues to accrue dividends; your access to the funds are restricted, of course, since they are being held as collateral for your loan, but it is still your money. As you repay the loan month by month, your available balance will be adjusted upwards to reflect the release of the collateral.

There are generally no restrictions on what you can use a share pledge loan for. Buy a home, add on to your existing property, take a vacation, pay for a child’s education, buy a boat, or just refinance high-interest credit. … the only limit is what you’ve managed to save. Since share pledge loans are an extremely secure loan for the Credit Union, the interest rates can be as low as 1.5% APR. (APR = Annual Percentage Rate)

Share pledge loans are also very easy to apply for. Since they are available only from your Credit Union, the financial institution already has almost all the information they need to process the loan request. Since the loan is 100% collateralized with your savings, the approval process is a breeze. At most Credit Unions all you will need to do is make sure that the institution’s information on the account holders (name, contact information, etc.) is up to date, and sign the note. There has never been a simpler way to take out a loan.

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How Financial Guidance can be Beneficial - April 24, 2012 by WWFCU

How Financial Guidance can be BeneficialCreating a plan for managing finances is important at every stage of life. It is not always easy to implement and follow because unexpected expenses can crop up at any time, and job situations can change, especially when the economy takes a downturn. Financial guidance can assist you in changing your habits by offering various strategies that can help you save money.

Wayne Westland Federal Credit Union (WWFCU) is that alternative to banks. Financial counseling is a first step, and it will come form someone who understands the principles behind dealing with finances.

Budgeting properly can be easier by receiving guidance and understanding how a personal credit report works. Financial troubles can be addressed, and it is often possible to avoid bankruptcy, repossession of assets, and even home foreclosure.

Professional advice is just one benefit to joining a Credit Union.  It could very well save you from financial troubles down the road.

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Smart Tips on Planning for Retirement - April 17, 2012 by WWFCU

Planning for RetirementMany people have set goals for their retirement. Others don’t even want to think about it. It is important to consider what sources of income and savings will be available when planning for retirement.

Building a money reserve is one of the most important aspects of this planning process. Experts advise people to start as soon as they can. Many financial institutions, including Credit Unions, offer programs and assistance for people who need to manage their savings in order to improve their chances to live comfortably in the future.

Retirement planning is easier if you set goals. When you know what kind of lifestyle you want, it becomes easier to plan because there is an idea of how much it will cost.  No matter what or how many sources of income you may have, planning with an expert is good advice.

Living expenses can always be adjusted, mortgage options are often available, even part-time work can be considered and enjoyed. By making smart choices beforehand and along the way, you can live comfortably and enjoy life, hobbies, and some luxuries throughout your retirement.

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Ways to Protect Your Identity from Fraud - April 10, 2012 by WWFCU

Identity TheftEvery year millions of people in the United States are affected by identity theft. Credit cards, social security numbers, and bank account numbers are the most commonly compromised forms of personal information. Thieves can change the billing address on a credit card account, make charges to it, and run up bills which they will not pay. The credit card company then reports the unpaid account under the original card owner’s name.

Identity theft can also occur when criminals write checks, authorize electronic transfers to a bank account, or file for bankruptcy under the person’s name. They can also get a driver’s license and other forms of identification in someone else’s name, buy a car, or file fraudulent tax returns. To be protected from these actions, one must be aware of their surroundings at all times – thieves can steal personal information at home, from the mail, on the street by stealing a wallet, or even at work. Employee records and personal information can be accessed in the office. Employees can sometimes be tricked into revealing such details.

Protect your identity by putting things in a safe place at home, making sure wallets are not easily accessible, and by being aware of the signs of identity theft. If something has been stolen or there is evidence that someone has unauthorized access to an account, close the bank or credit card account as soon as possible.

Complaints can be also be filed with the Federal Trade Commission by phone or online. Always keep an eye on your credit report to make sure it’s accurate.

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Top 10 Reasons to Finance Your Next Vehicle with Wayne Westland Federal Credit Union - March 28, 2012 by WWFCU

Finance with WWFCUObtaining a loan is often one of the most important steps in purchasing a vehicle. The main issues can be navigating the process of getting the loan and finding one that can be paid off with manageable interest rates. Finance a vehicle with Wayne Westland Federal Credit Union, and you’ll find at least 10 reasons that the exchange is worthwhile.

The first reason is that you’ll be supporting a community-based Credit Union which is employed by local residents and is structured to provide the best individualized service available. Residing in the area since 1954, the Credit Union originated in Wayne, Michigan and moved permanently to Westland in 2001. Second, the business offers the advantage of low interest rates on loans for various time periods, expanding the choice of options for the traditional consumer.

Applying for a loan is easy as well; most applicants get an answer in 10 minutes, another reason to consider this community Credit Union. Most of the time, members also qualify for an interest rate discount, which translates to additional savings, and GAP insurance is also offered, so you get to protect the vehicle at yet another low rate.

Financial savings is expanded with the inclusion of a CARFAX report, worth $19.95, when one finances with the company. Another reason to finance a vehicle with the Credit Union is its low cost life and disability insurance. Loan rates are discounted by .50% when this insurance is purchased.

Additional reasons for financing vehicles with the Credit Union include no pre-payment penalty, for any type of loan, and automatic payments. You can have a separate account with the Credit Union and have funds transferred out without having to do anything; in fact, a .5% discount is offered when this option is selected. Finally, options such as a loan deferral and skip-a-pay offer members flexibility in managing their loan payoff. The Credit Union employs a friendly and knowledgeable staff to help you learn about and take advantage of these 10 reasons to finance your next vehicle there.

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Look for a Smarter Way to Manage Your Money - March 20, 2012 by WWFCU

Manage Your MoneyIf you fall into a typical income bracket, then most likely you have a limited amount of money to spend. Budgeting can be a challenge, and unanticipated expenses can regularly come up, tacking onto rent, car payments, and other financial obligations most people have. What you have left of your income for spending can be managed smartly; it just takes planning and an analysis of how some purchases can affect your budget.

It has long been suggested that writing out your monthly budget can help. Most people have a tendency to spend to spend as much as 10% more than their total earnings, so a more sophisticated means of planning should be considered. There are several types of financial software designed for use, not by corporate expense departments, but by the average person. Such programs can help you decide on ways to spend income, track spending, and point out where overspending occurs so adjustments can be made.

Financial software can also be used to calculate the effects of a major purchase on the budget. Changes in income can also be factored in to see how they alter overall budgetary needs. The advantage of such software is that you’re not limited to mind-boggling numbers. For many people, numerical analysis is confusing, but a program that can put all the information onto visual graphs and charts can help make sense of things. It is therefore easier to track spending and set up a budget in a short amount of time.

Overspending does not mean you are financially irresponsible. It often occurs because money can be difficult to track. With the right software, you can be smart in managing your budget because it is easier to track spending and even take advantage of professional tips built into the program. These can also guide you in building and managing a savings account. These functions can be aided by wizards and financial calculators designed for managing and even customizing a budget based on your lifestyle and financial needs, so managing your money in a smart way becomes simple.

Click this link to Get Started Today with BudgetSmart!

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The Environmental Impacts of Paper – Go Green - March 10, 2012 by WWFCU

credit union online servicesJust about every aspect of financial affairs involves some form of a paper document. From monthly statements to contracts and agreements to paper checks, vast amounts of paper need to be manufactured, transported, and disposed of. All of this paper has a significant impact on the environment. The volume of paper produced does mean more trees need to be cut down and more waste paper in landfills. Also, more gasoline needs to be burned to transport it, and more waste water is produced during production, transportation, and disposal processes.

Many financial companies offer the option of receiving statements and bills electronically. It is even possible to make payments online. For each household, experts have predicted an estimated 6.6 pounds of paper can be saved each year by participating in electronic billing and receiving statements via the Internet.

In addition to paper saved and managing financial affairs online, there is a large reduction in greenhouse gas emissions. About 171 pounds of greenhouse gases can be prevented from entering the air just from one household not getting financial statements and bills via paper mail. The emissions are kept at bay because gasoline is not being consumed either. In addition, about 8.8 gallons of gasoline are saved each year by paying bills online and receiving electronic statements. Even more gas is saved because mail deliveries are not necessary.

Experts recommend that everyone switch to electronic billing and statements. In the United States, it has been estimated that if just 20% of the population did this, nearly 151,000,000 pounds of paper and over 1.8 million trees would be saved each year. This would also avoid up to 2 million tons of greenhouse gas emissions and 100 million gallons of gas consumed. Going electronic with financial paperwork is not only convenient, but it also protects an already fragile environment.

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The Convenient Benefits of E-Statements - February 27, 2012 by WWFCU

There are many benefits to a Credit Union. One of these is e-statements. Instead of waiting for a statement to come in the mail every month, you can log in to a website any time to see an electronic copy of your statement, to easily track and manage your account.

This is usually a service that you need to sign up for with the Credit Union, a short process. Information can be found much faster and less money goes into paper, printing, and mailing.

 When e-statements are stored online, finding a place to file them is no problem. The Credit Union stores everything in a secure database; you’ll be the only one to have access because each account requires a login name and password to access. There is no chance of the statements getting lost in the mail or stolen en route.

The simplicity of e-statements alone makes life easier. There is little effort involved in signing up, and viewing the statements is just like logging on to any other secure website. Moreover, the opportunity provides a way to save paper, meaning more trees can be saved. So using e-statements has a combination of personal, corporate, and environmental advantages.

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How to Take Advantage of Share Pledge Loans - February 20, 2012 by WWFCU

There are many types of loans out there. Some have such high interest rates and so many fees tacked on that they are undesirable. A Share Pledge loan, however, may be the answer.

Normally issued at a much lower interest rate, a Share Pledge loan from a Credit Union is a loan that is issued against the money that is your savings. Credit Unions offer low interest rates. Wayne Westland Federal Credit Union offers a rate of just 1.50% APR, the Annual Percentage Rate that defines how much interest is added to the total sum of the loan over time. In most cases, loan application and approval can be quick.

Depending on the Credit Union, there can be different terms so it is helpful to review all the fine details when taking out the loan. This is a secured loan, dependent on the money that is in the personal account. It is important to remember that for the given amount, the equivalent funds in the Credit Union account are frozen while the loan is being paid off. Each time a payment is made, an identical sum which has been frozen will be made available in the account.

While other types of loans can be given at the requested amount, a Share Pledge loan requires that there is enough money available in the account to back it up. With tools available online to calculate how long it would take to pay off a loan at a certain rate, it is easy to figure out how to pay it based on what you have in the account. You can then use a Share Pledge loan to your advantage by enjoying what you’ve purchased while keeping your savings intact.

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Loan Transfer – Transfer Your Loans with Ease - February 13, 2012 by WWFCU

Loans are often a big help, especially when it comes to expensive things like cars, motorcycles, or boats. They can also be a burden. There are options for saving money with a system provided by RateMatch. The RateMatch service creates a free credit report that offers more detailed information than a standard credit report, which seems to be mainly invested in labeling your financial status with a vague number. If you find something that can save you cash, then you can easily transfer your loans and not pay as much each month.

When the RateMatch credit report does find a better deal, the system on the site can help you transfer your loans. The tools on the website are designed to search the database to find better loan deals, using information on current loans and your credit score. It is a completely self-sufficient service in which you can find out instantly how much can be saved, and then point and click to transfer your loans. This enables a way to know what the savings will be even if you’ve held on to the old loans for years.

Also provided is help to refinance your loans and get a deal which your regular payments will be much lower.  In addition to transferring your loan, it is also possible to manage the credit report, with options to review it periodically. This way, you can make sure all of the information is correct so that other financial decisions in the future work out in your favor.

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