ABE Federal Credit Union
Is This Your Business?Author: Kaitlyn Short
Founded in 1967 and headquartered in Rockville Centre, New York, ABE Federal Credit Union is a member-owned credit union that uses members' collective funds to loan money to fellow members. ABE has a full range of loan options, including personal loans, auto loans, mortgage loans, home equity loans, education loans and credit cards. The bevy of loan choices is one thing that sets the credit union apart from other lenders, as is the robust information available on the website regarding its many loans and rates associated with each.
Top Ranked Companies
The Good
- One Central Location
- Competitive Rates
- Various Personal Loans
One Central Location
Like most credit unions, ABE Federal Credit Union has an attractive number of borrowing options for members, and it offers checking and savings accounts as well. As a member of the credit union, you have no need to go anywhere else for your financial needs. You'll love the wide range of loan types you can apply for. Credit unions have advantages over banks, and ABE Credit Union is a strong financial institution for anyone who fits membership requirements. We find it convenient that members can do all their banking and borrowing from the same place and that rates and terms are favorable when compared to what competitors offer. We also view the credit union in positive terms for its stability and experience. Customers enjoy being able view current rates for all loan types at any time and to be able to conduct all their transaction and business online at their convenience. In addition, customers have plenty of informational resources at their disposal on the website, including guides on how to choose loan and what types might be best for your situation.
Competitive Rates
Because ABE is a credit union, it can secure favorable rates for its members. Mortgage, auto and personal loan rates fluctuate with market conditions, but they stay on par with other financial institutions and have the backing of being insured.
Various Personal Loans
One of the most popular features of personal loans is the ability to use them for virtually any purpose you see fit. ABE personal loans come in the form of holiday loans, vacation loan, tax loans and signature loans, each available at different times of the year with the ability to apply at a branch or online.
The Bad
- Low Maximum Borrowing Limit
- Limited Membership Pool
Low Maximum Borrowing Limit
We like that ABE has different types of personal loans, but it's disappointing to see maximum loan amount at $25,000, especially considering other lenders will allow for up to $50,000. Members with excellent credit and financial resources who are looking to borrow larger sums of money may be turned off by this limit.
Limited Membership Pool
In order to be a member of ABE Federal Credit Union, you must be employed by ABC television or one of its subsidiaries or have a family member employed by such. If you don't fit in this category, you are not eligible to borrow or have accounts from this credit union.
The Bottom Line
It's fairly simple to provide a recommendation for this credit union. If you fit membership eligibility guidelines, we definitely recommend ABE Federal Credit Union. It does an excellent job of providing ample information and helpful online tools and has an impressive line of loan options. Plus, the rates are competitive with other institutions. If you don't currently meet eligibility guidelines, there's no sense considering the credit union.
