Great question! One of the key differences between a credit union and a bank is that banks are for-profit financial institutions and credit unions are not-for-profit financial institutions. Banks are owned by shareholders who are interested in making as much money as possible while credit unions are owned by our members and seek to serve - in fact, that has been the “credit union tagline” for many years: “Not for profit, but for service”. That’s the difference in a nutshell, if you’re interested in reading more, check out our blog post about it: Click Here

Credit Unions, at their core, are a financial cooperative made up of their members. A cooperative is an organization that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly-owned and democratically controlled business.

There are many cooperatives, not just credit unions, in fact, you probably know some, here are some other common cooperatives:

REI, Cabot Creamy, Sunkist, Blue Diamond Growers, Land O’ Lakes, Ocean Spray, Welch’s, Whole Foods, and Bob’s Red Mill just to name a few.

Credit unions adhere to a business model which features 8 cooperative principles, these principles serve as out north star, helping to guide our decisions and impact:

1. Voluntary & Open Membership: Credit unions are voluntary, not-for-profit financial cooperatives, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political, or religious discrimination.

2. Democratic Member Control: Credit unions are democratic organizations owned and controlled by their members. Each member gets one vote, no matter their financial status, to help make the organization’s policies and decisions.

3. Member Economic Participation: Members are the owners of their credit union and contribute to its capital. Members, not shareholders, benefit from their credit union’s profits in proportion to their relationship and use of its products and services.

4. Autonomy & Independence: Credit unions are independent, self-reliant organizations controlled by their member-owners, not outside stockholders. When making business deals or raising money, credit unions never compromise their autonomy or democratic member control.

5. Education, Training & Information: Credit unions provide education and training for members, elected representatives, and employees so they can contribute effectively to the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors, and financial education for their members.

6. Cooperation Among Cooperatives: Credit unions serve their members most effectively and strengthen the cooperative principles by working with other cooperatives through local, state, regional, national, and international structures.

7. Concern for Community: While focusing on member needs, credit unions work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.

8. Diversity, Equity & Inclusion: Credit unions support diversity, equity and inclusion as a shared credit union cooperative principle and continue to have a responsibility and take a leadership role in building and serving more diverse, equitable and inclusive communities.

Probably! Membership is available to anyone who:

• Lives, works, worships, volunteers or attends school in:

  • Spartanburg

  • Greenville

  • Gaffney

  • Mauldin

• Any employee of our growing list of more than 125 local companies

• Spouses of persons who died while within the field of membership of this credit union

• Employees of this credit union

• Persons retired as pensioners or annuitants from the above employment, members of their immediate family or household; and organizations of such persons

• Anybody who is related to a current member

We are serious about financial literacy. The world of money is a confusing place. Whether you’re looking to better understand your credit score, create a budget, create a plan to get out of debt, and more, we have certified Financial Coaches in every branch location available to walk alongside you, whatever your financial goals. Financial Coaching is completely free for our members. Each location also has a Spanish-speaking Financial Coach.

Our Financial Coaching sessions last about an hour on average, to ensure someone is available to assist you, we recommend scheduling an appointment by calling 1.800.922.4403.

Life happens, we get it. But you don’t need to be stuck with poor credit for the rest of your life! That’s why we created our Credit Builder Loan, a $1,000 loan that gets dispursed to you in monthly increments that you then use to immediately repay the loan. These on-time loan payments over the course of a year help to establish good credit over time.

Buying your first home can be an overwhelming process. How much of a down payment do you need? How much can you afford? This is why we created our First Time Home Buyer mortgage, a loan available to first-time buyers who could use a mentor through the process. In some cases, our First Time Home Buyer mortgage only requires 3% down^, and we may be able to match your down payment, up to $15,000! Plus, we never charger Private Mortgage Insurance (PMI) on any of our mortgages! It’s a win-win-win!

We’ll have you behind the wheel of that ride faster than a Bugatti can go from 0 to 60. Okay, maybe that’s an exaggeration but we are pretty fast! You should be burning rubber, not time and money, which is why you’ll love our quick application and closing process. That’s the credit union difference!

Whether you’re looking to upgrade or simply commute, we have a variety of options tailored to fit your lifestyle. We take into account many factors when making loan decisions, so don’t let your credit score be a barrier to applying! Our lenders are local, they live and work in the Upstate, they’re your neighbors and your friends. They’re 5-star rated and trained to make sure you have payments you can afford at a rate you’ll love. Credit Life, Joint Credit Life, and Credit Disability Insurance are available on all Carolina Foothills loans that give you and your family peace of mind.

Our auto loans aren’t just for new buyers, we may be able to refinance your current auto loan to save you money and get 60 no interest, and 90 days no payment!^^

Your passion is your business….not paperwork. Our Business Development team is available to walk you through some of the most difficult parts of owning a business. Carolina Foothills offers a number of business checking accounts and loan options so that you can spend your time focusing on what matters to you, your business.

If you love us, tell everyone! In fact, you can get paid for it!

Click here to learn more about our referral program!