Cleveland Selfreliance logo

Cleveland Selfreliance in Parma, OH

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Cleveland Selfreliance is a not-for-profit federal credit union serving the Ukrainian-American community for 60+ years, offering mortgages, auto loans, savings accounts, and online banking.

Data compiled from public sources

Cleveland Selfreliance Review

Cleveland Selfreliance Federal Credit Union was established to serve the Ukrainian-American community and has operated for over 60 years. Based in Cleveland, Ohio with additional branches in Lorain and Canton, the institution operates as a member-owned, not-for-profit credit union federally insured by the NCUA with deposits protected up to $250,000 per member.

The credit union offers a comprehensive suite of financial products including mortgage lending (15 and 30-year conventional mortgages), auto loans, personal loans, home equity lines of credit (up to $200,000), VISA credit cards, and savings products such as regular shares, certificates of deposit, and IRAs. They provide digital banking capabilities through online banking portals, direct deposit services, ACH payroll deposits, safe deposit boxes, money orders, and MAC ATM access. Current promotional rates include 5.00% for 30-year mortgages (new purchase only, $1M max), 4.75% for home equity lines of credit and new auto loans (2024-2026), and 5.49% for 15-year mortgages.

What distinguishes Cleveland Selfreliance is their deep community roots within the Ukrainian-American population, bilingual services (English and Ukrainian), and their explicit organizational commitment to supporting Ukrainian independence and freedom. As a not-for-profit institution, they return earnings to members through lower loan rates and higher savings rates rather than generating shareholder profits. The credit union actively maintains community connections through member meetings and charitable outreach.

While Cleveland Selfreliance offers rate claims to verify and genuine member-ownership benefits, potential members should note that as a listed community credit union, membership eligibility may be limited to those with Ukrainian heritage or community ties. Limited branch availability (three locations) may restrict convenient access for those outside the Cleveland-Lorain-Canton corridor. The organization's small-to-mid-size profile means fewer digital tools and services compared to national banks.

Services & Features

15-year conventional mortgages (new purchase or refinance at 5.49%)
30-year conventional mortgages (new purchase, up to $1M at 5.00%)
ACH payroll deposits
Certificates of deposit (12-month at 8.0% APY)
Commercial loans
Custodian accounts for minors
Direct deposit of Social Security and federal payments
Home equity lines of credit (up to $200,000 at 4.75%)
Individual Retirement Accounts (IRAs)
MAC ATM network access
Money orders
New auto loans (2024-2026 vehicles at 4.75%)
Online banking with home banking portal
Personal loans
Regular share savings accounts
Safe deposit boxes
VISA credit cards

Feature Checklist

Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection

Pros & Cons

Pros

  • Not-for-profit structure returns earnings to members as lower loan rates and higher savings rates
  • Competitive mortgage rates (5.00% for 30-year new purchase mortgages, 5.49% for 15-year)
  • Home equity lines of credit available up to $200,000 at 4.75%
  • NCUA federal insurance protects member deposits up to $250,000
  • Bilingual services in English and Ukrainian for community accessibility
  • Member-owned governance means customers have voting ownership rights
  • Offers free life insurance up to $2,000 to qualifying members
  • Online banking and digital services available; accepts online mortgage applications

Cons

  • Limited branch network (only 3 locations: Cleveland, Lorain, Canton) restricts physical access
  • Membership may be restricted to Ukrainian-American community or those with qualifying ties, limiting eligibility
  • Limited hours of operation (closed Wednesdays, Monday-Tuesday 9AM-3PM only)
  • Smaller institution likely means fewer digital tools, mobile app features, and investment options compared to large national credit unions
  • Mortgage products limited to new purchases with $1M cap on 30-year conventional mortgages

State Consumer Finance Context

This is state-level context for Credit Unions consumers in Parma, OH. It does not confirm that Cleveland Selfreliance or this specific location is licensed.

State regulator

Ohio Department of Commerce Division of Financial Institutions

Key state rules to check

  • HB 123 (2018) reformed payday lending with 28% APR cap plus a monthly maintenance fee.
  • Short-term loans capped at $1,000 with minimum term of 91 days.
  • Monthly maintenance fee of up to 10% of original principal (max $30/month).

Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.

Frequently Asked Questions

What services does Cleveland Selfreliance offer?

Cleveland Selfreliance offers 17 services including 30-year conventional mortgages (new purchase, up to $1M at 5.00%), 15-year conventional mortgages (new purchase or refinance at 5.49%), Home equity lines of credit (up to $200,000 at 4.75%), New auto loans (2024-2026 vehicles at 4.75%), Personal loans, and 12 more.

What profile signals are listed for Cleveland Selfreliance?

Cleveland Selfreliance has profile signals associated with Ukrainian-American families and community members seeking culturally-aligned banking with bilingual support, Homebuyers in the Cleveland/Northeast Ohio area looking for competitive mortgage rates with community roots, Credit union members prioritizing not-for-profit structures and member ownership over corporate banking, Borrowers seeking home equity lines of credit up to $200,000 with rate claims to verify.

What are the strengths and weaknesses of Cleveland Selfreliance?

Key strengths: Not-for-profit structure returns earnings to members as lower loan rates and higher savings rates; Competitive mortgage rates (5.00% for 30-year new purchase mortgages, 5.49% for 15-year); Home equity lines of credit available up to $200,000 at 4.75%. Areas to consider: Limited branch network (only 3 locations: Cleveland, Lorain, Canton) restricts physical access; Membership may be restricted to Ukrainian-American community or those with qualifying ties, limiting eligibility.

How does Cleveland Selfreliance compare to similar companies?

In the Credit Unions category, comparable providers include CME Federal Credit Union, Education First Credit Union, Pathways Financial Credit Union - Grandview. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.

Quick Facts

Founded
1994
Headquarters
Parma, OH
BBB Accredited
No
Certifications
NCUA Insured Charter #24516
Visit Cleveland Selfreliance

CreditDoc Profile Note

Research Note on Cleveland Selfreliance

Cleveland Selfreliance is profile signals for Ukrainian-American community members and homebuyers in Northeast Ohio seeking rate claims to verify through a member-owned, not-for-profit credit union with bilingual services and community commitment. Primary caveat: membership eligibility may be restricted to Ukrainian-heritage individuals or community ties, and the three-location footprint limits convenient branch access outside Cleveland, Lorain, and Canton areas.

Profile Signals

  • Ukrainian-American families and community members seeking culturally-aligned banking with bilingual support
  • Homebuyers in the Cleveland/Northeast Ohio area looking for competitive mortgage rates with community roots
  • Credit union members prioritizing not-for-profit structures and member ownership over corporate banking
  • Borrowers seeking home equity lines of credit up to $200,000 with rate claims to verify
Updated 2026-05-14

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Quick Summary

  • Cleveland Selfreliance is listed as a Credit Unions provider in Parma, OH on CreditDoc.
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