What You Need To Know About Savings and Loan Associations
In these trying times, citizens are looking for opportunities to be more financially stable by maximizing their savings or finding extra funds. Being financially confident is the goal and people are often torn between choosing savings and loan associations and commercial banks. To help you with that, we’re going to discuss the basics along with their similarities and differences. What is a savings and loan association? A savings and loan association (SLAI) is pretty similar to a commercial bank that allows you to save, loan, and even invest. However, they have major differences when it comes to membership, dividend rates, interests, operations, and financial offerings. While banks tend to focus on business customers (such as large corporations that seek hundreds of thousands to millions for construction projects, expansion plans, and events), SLAI places a stronger emphasis on providing more financial opportunities (like housing, emergency, pension, real estate, and vehicle loans)