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) exclusive to their customers that are often members of the middle-class.


Why choose SLAI over other financial institutions?


As stated earlier, SLAI and banks have major differences on the following:

  • Membership – Unlike banks that are open for people from different walks of life, SLAI products are exclusive for their depositors only. Only approved members or financial cooperatives get full access to their services. In some cases, SLAI even allows the family members of their customers to be associate members
  • Rates – A savings and loan association often takes pride in their competitive rates in savings, lending, and investment dealings. Their customer-centric products allow their members to enjoy higher dividend rates for their deposits and lower interest rates for loans. A win-win for their customers.
  • Operations – SLAIs continuously invest in excellent service and innovative technology. They provide services with the satisfaction and financial well-being of their members in mind. That’s why most associations not only can serve customers through their offices but also via their official websites and text messaging feature.
  • Financial Offerings – The edge of an SLAI over other financial institutions is their comprehensive financial benefits composing of several saving strategies, investment opportunities, and loan products that fit the unique needs of each customer. Not to mention their fast transactions, flexible repayment terms, and excellent customer service.


Who could be a member of SLAI and how?


There are several savings and loan associations in the Philippines that are authorized and regularized by the Bangko Sentral ng Pilipinas and are open for different members of the community. Find one that best suits your needs at https://bit.ly/2ETeWi5 Visit their official websites to learn more about their requirements and membership processes.


Takeaway


Savings and loan associations are dependable financial institutions that prioritize their members’ financial needs, security, and goals. The membership is exclusive but their financial products are highly competitive. When looking for opportunities to secure your money, grow your deposits, and borrow funds, it’s best to inquire from SLAI near you.


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