1. What is the difference between a bank and a credit union?
A Credit Union is a small bank. The difference is that the customers own the Credit Union. A bank works for a profit and the Credit Union doesn't. Also banks are stockholders and a Credit Union does not have any shocks or are not stockholders.
2. What contribution does the Credit Union make to the town of Skowhegan?
They are a Community Credit Union meaning that they contribute financially, and their time, they volunteer for charitable purposes. The manger is on the board of directors for many different things. The workers contribute time, to people, money, and other different things. They sponsor teams like basketball and field hockey. They give scholarships to seniors. They also sponsor the Opera House.
3. Do you give out loans? And if you do what kinds of loans?
Yes the Credit Union gives out loans. The different kinds are personal loans, loans for boats, cars, houses, mortgages on homes, and whatever you would want mostly.
4. How can you get a loan?
1. You have to apply
2. There is a certain application process
That process is to fill out the application with assistance,
The income is clarified,
Their payment habit is analyzed to see if they are past due or are able to pay the loan back.