Credit unions are financial cooperatives chartered and overseen by state and federal governments. They provide traditional banking services, such as checking and savings accounts, credit cards, and mortgages. Unlike banks, credit unions are owned by their members. Membership requirements vary, but often include living or working in a particular geographical area or being affiliated with a specific employer, industry, or organization. Those requirements allow the institution to offer products and services that meet the needs of its community.

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Typically, credit unions have lower minimum loan amounts and higher maximum loans than banks, which can be helpful for borrowers who are looking to finance large purchases. They also offer competitive interest rates on personal loans and usually don’t charge any application or origination fees. Additionally, credit unions may be more willing to lend to borrowers with poor or fair credit than some online lenders.

As a member-focused institution, most credit unions are involved in community initiatives and partnerships through local events, sponsorships, and development programs. If community involvement is important to you, you may want to consider a credit union.

The majority of credit unions are federally insured through the National Credit Union Share Insurance Fund, which protects funds in case the institution fails in much the same way that the Federal Deposit Insurance Corporation insures bank deposits. In addition, many credit unions offer access to 85,000+ fee-free ATMs through the CO-OP and Allpoint networks.

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Banks and credit unions both offer many of the same basic services, but it’s important to evaluate which one is the best fit for you based on your unique circumstances. If you’re not sure what type of financial institution would work best for your situation, consult a financial advisor to help you find the right fit.

The best personal loan for you will depend on your individual financial goals and credit history. Before you start shopping, take the time to assess your needs and consider how different loan terms can impact your monthly payments. Once you have a clear idea of what your desired term and monthly payments should be, it’s time to start shopping around for the best personal loan for you.