White Rose Credit Union considers itself a true partnership between itself and those that live, work, learn and, worship within the York and Adams Counties, Pennsylvania. Like most credit unions, White Rose Credit Union (WRCU) is focused on the success and happiness of its members. Instead of focusing on funneling money back into itself, and to its shareholders, the credit union supports its members and ensures the money is spread among them and dispersed within the community.
As per the rules outlined in the Federal Credit Union Act from 1934, credit unions are member-owned. White Rose has been in existence since 1950 when it came to fruition to support the local York and Adams County communities. To this day it means they are focused on providing services to community members no matter what their financial or social situation.
White Rose has structured its banking services to ensure it benefits as many people as possible in its local region. Checking accounts are free, savings accounts only require a 5 dollar minimum deposit, and it provides many low-interest loan services. Anyone can become a member as long as they have a foot within the community by living, working, going to school, or going to church in the area. If members move away in the future they can continue to be members for life.
White Rose Credit Unions Loan Services
The WRCU boasts a wide variety of low-barrier loan services for its members. Whether someone is looking to finance their return to school or a new motorcycle, White Rose seems to have a loan product to meet their particular needs.
Student Choice Student Loans
As all good student loan providers should, WRCU wants students to apply for any free or lower-cost funding prior to pushing their student loan services on its members. In fact, the main page of their student loan program provides information on Federal Student Aid, scholarships, grants, and federal student loans. Only at the bottom of the page does it link to a WRCU product.
The Student Choice loan through WRCU provides reasonable variable rates and offers repayment terms of 20 years for loans under $40,000 or up to 25 years for larger amounts. It should always be noted that all privately held student loans will have higher rates than a Federal student loan.
Like all their services, the Student Choice partnership is only available to people who qualify to be WRCU members. They also offer deferment options during school and can finance loans of up to $75,000. Importantly, unlike other private lenders, they do not require an origination fee or prepayment penalties.
Auto Loan Products
For WRCU members looking to purchase a new or used vehicle, WRCU has loans available for cars up to ten years old. Under their new vehicle loan program they can help finance new cars for terms that are extended up to 84 months.
There are some restrictions put into place for longer loan periods, for example, WRCU requires vehicles financed under the longer term periods to have a higher resale value. This means a new car loan with an 84-month term must have a resale value of at least $20,000. Typical rates on new vehicle loans currently range from a 2.99 annual percentage rate for loans with a 48-month term to up to a 3.99 annual percentage rate for longer terms. These prices are quoted for people with an A+ credit rating.
Under the used auto loan program, vehicles qualify if they are less than ten years old and have less than 120,000 miles. Not surprisingly, their used car financing rates are slightly higher. Rates increase dependent on the age of the vehicle and length of repayment term.
For members looking to finance alternative modes of transportation White Rose Credit Union has a handful of other services covering anything from motorcycle to recreational vehicle financing. For their motorcycle financing, the rates and terms mimic those for new and used cars. For recreational vehicles, which can include boats, RVs, and even dirt bikes, WRCU’s rates currently range from 3.99 to 4.99 percent. For both alternative vehicle loan services they restrict vehicles to five years old and younger.
On top of these two auto loan services WRCU also provides a Switch & Save Auto Loan which offers their members the ability to refinance auto loans from other institutions. There are no fees to refinance, and members can potentially save thousands in interest rate payments over the years.
The Signature (Personal) Loan
For those with financial needs that don’t fit precisely into the typical categories, WRCU offers their Signature Loan service. The Signature Loan offers to finance those items that just don’t seem to fit, but understandably, this service has significantly higher interest rates, even for people with an A+ credit rating.
While flexible, easily adaptable, and advertised as having a fast approval rate, the interest rates are high enough to require a warning. Under the best circumstances, with the minimum repayment term of 12 to 60 months, a WRCU member can currently expect to see an 8.99 annual percentage rate. However, because the loan is available for extremely flexible usage, it does serve a purpose alongside WRCU’s broad range of financial services.
While White Rose Credit Union provides business banking options to its members who own 100 percent of their organization, it does not offer openly available small business loans. Business owners do gain a number of benefits from banking with WRCU, including being offered instant customer financing. Also, business owners can market to the WRCU membership and even advertise this service on their marketing material.