European Stars And Stripes (Newspaper) - October 15, 1986, Darmstadt, Hesse                                Magazine credit unions right kind of Loans right interest rate by Bob Hoyer staff writer borrowing Money in Europe is easy sometimes too easy getting the right loan at the right interest ale is the trick. If you re credit worthy that should be no problem. With few exceptions the right kind of loan is available through a credit Union and for most americans serving overseas a Federal credit Union is within reach by offering credit at reasonable Rales credit unions underwrite the vast a Ijo Rily of Loans Lor Dod personnel abroad. Ii was t always that Way for More than two decades after world War ii. The military Borrower in Europe had to scratch for credit in the mid-1960s Congress investigated the outrageously High interest rates being charged military members stationed outside the country. As a result Federal credit unions soon opened overseas operations that have steadily responded to needs on oct 16, National credit Union Day in the United Stales and International credit Union Day around the world will be observed by credit unions in Europe. By transforming a hectic overseas Market into a stable source of Money credit unions have performed the service expected of them by Congress before arrival of credit unions in Europe it was a wild Market. There was a crying need Lor reasonable credit and credit unions have filled that  says Gordon Simmons european director of service Federal credit Union which underwrites Loans averaging $10 million a month at 11 Branch offices in Germany. Congressional investigators discovered rampant exploitation of service members in Europe by loan Sharks who were charging As much As 40 percent for Loans says Hank Addison european chief of Andrews Federal credit Union. As a result Andrews and other credit unions moved to specifically assigned territories of Europe in 1968 " since then thousands of military borrowers have been weaned from High interest Nance companies although some of the original credit unions operating overseas withdrew others have taken up the Slack. As non prof it cooperatives credit unions usually beat the Best interest Rales offered by rival financial institutions. Most credit unions offer savings and checking accounts certificates of Deposit individual retirement accounts direct Deposit of pay Check cashing and Cash disbursement secured Loans requiring collateral signature Loans and Christmas club accounts. Some offer credit cards. Auto Loans represent the biggest outlay of credit Union credit. At service credit Union Simmons says 55 percent of loan volume in service s overseas Market is for now and used cars. Credit Union advice comes with car financing. Customers sometimes learn that the asking Price on used cars is More than Book value. The defense credit Union Council reports steady growth in Loans of the credit unions seven in Europe serving the overseas Market. The Council says Welense credit Union Rolls at Home and abroad represent some 15 percent of All u s. Credit Union membership. The continuing popularity of credit unions hinges on their non profit status an idea conceived by Friench Raiffeisen in 1852 in Flammersfeld Germany. Generally conceded to be the founder of the credit Union concept Raiffeisen set up a cooperative financial institution to help Farmers and workers avoid the usurious rates of Money lenders. The first u s. Credit Union was founded in Manchester n.h., in 1909. But it to Congress until s8.s Priolo by Dave Dioio Debra Scisney a senior loan officer Lor Andrews Federal credit Union advising a Soldier in Frankfurt 1934 to pass a National credit Union act that permits credit unions to incorporate under Federal or state Law. Raiffeisen s Experiment has grown worldwide to 38.000 credit unions with 56 million members 22,000 and 42 million in the United states. Credit Union savings and Loans total $131 billion and $92 billion respectively it s quite a Success Story. But some service members out of ignorance or indifference still turn their backs on credit unions and borrow from High interest lenders under the competitive push of credit unions. American express military banking outlets have come up with a viable credit alternative but most financial advisers say credit unions remain the Best source of credit for service members in Europe How then do High interest finance companies slay in business some borrowers Are forced to Deal with them because they have exhausted credit elsewhere this Points to an additional service offered by credit unions. By examining the credit worthiness of a would be Borrower they provide much needed financial counselling. If a credit Union turns Down loan applicants there is Good reason says Simmons of service credit  All likelihood these applicants already have As much credit As they can  serving the military seven Federal credit unions maintain 57 Branch offices in nine european area countries Germany Andrews Federal credit Union Aschaffenbur bad Kreuz Nach Frankfurt. Giessen Hanau. Rhein main a Schweinfurt Wiesbaden and Wurzburg. Finance Center Federal credit Union Ansbach Augsburg Bamberg Furth Nurnberg and Neu Ulm. Pentagon Federal credit Union Bremerhaven. Service Federal credit Union Berlin Pitburg Hahn Heidelberg Heilbronn. Pir Masens. Ramstein Sembach Span Dahlem Stuttgart and we Brucken. Greece Fairchild Federal credit Union hell Nikon a Athens and Iraklion As Crete. Iceland Navy Federal credit Union Kef Lavik. Italy Fairchild Federal credit Union Aviano a Camp Darby leghorn Comiso As Sicily san Vito As wednesday october 15, 1986 and Vicenza. Navy Federal credit Union Naples Simonella. Sicily la Maddalena. Sardenia. The Netherlands Andrews Federal credit Union Camp new Amsterdam. Portugal Navy Federal credit Union Lajes. Spain Navy Federal credit Union Rota. Pentagon Federal credit Union Torrejon a and Zaragoza a. Turkey Fairchild Federal credit Union in Ciurlik a and Izmir. United kingdom Keesler Federal credit Union Alconbury. Ben Waters Chicksands Greenham common Fairford Lakenheath Mildenhall and upper Heyford. Navy Federal credit Union Brawdy Wales Edzell holy loan and Thurso Scotland and London. The stars and stripes Page 13