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Being a not-for-profit institution has it's perks, like being able to save our members money!

There are a lot of times in life when you might need to borrow some money — whether it's for something big like buying a house or car or paying for college, or something smaller like holiday gifts or consolidating debt.

Once you know how much money you need, you'll want to decide who to borrow that money from.

No matter where you borrow, you're going to be expected to pay back the loan plus interest over a period of time. That interest rate may be the single biggest factor in your decision about where to borrow. And that's one of the main reasons why you should choose your credit union for your borrowing needs instead of a local bank or another lending institution.

Since your credit union is a not-for-profit institution, the credit union's profits go back to you in the form of lower interest rates on loans and lower fees. Those lower interest rates may not seem like a big deal, but over the life of your loan, higher interest rates really add up.

Here's an example: Say you buy a car for $30,000 and plan to pay it back over 5 years (60 months). The auto dealership and your bank are offering you 3.5% APR. That means your total payments over those 5 years will be $32,745. But if you ask CommonWealth One for a loan, your interest rate could be less than 2% APR for that same car.

Over 5 years, you save more than $1,200 in interest payments alone!

Here are a few other things to consider about that auto loan: In addition to low interest rates, did you know that when you borrow from CommonWealth One, you can get up to 0.25% APR back just for also having a checking account at CommonWealth One? And with us, you can apply to skip a payment up to twice a year if things get tight. Not many other places let you apply to do that!

Whether it's for your mortgage, a home equity loan, an auto loan, personal loan, student loan or another borrowing need, chances are you'll find a much lower interest rate when you compare your credit union to your local bank or another private lender. That's money back in your pocket every month.

Getting started is easy, no matter what loan you need. Just go to to get started.

And if you have questions about saving for retirement, consolidating debt for lower payments, home loans or anything else related to your personal financial goals and needs, just let us know! Our certified financial counselors are ready and waiting to answer your questions and provide all the guidance you need.

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