Loan with "the credit union "

K789
K789 Posts: 22 Forumite
in Loans
Has anyone ever had a loan with the credit union? I was told by a friend of mine that they may be a likely source to give out a personal loan. Can anyone pass on any information about them?

I am trying to build up my credit score, I have no marks on my credit file as I haven't ever taken out much credit in the past.

Also would a loan from the credit union be looked upon like a payday type loan ?

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Ignore your credit score (it's irrelevant), and never take out a loan to try to change it.

    If you are looking to build a credit history, get a credit card, use it regularly and clear it in full each month.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Do you actually need a loan ? If not then a credit is more than sufficient.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    K789 wrote: »
    Has anyone ever had a loan with the credit union? I was told by a friend of mine that they may be a likely source to give out a personal loan. Can anyone pass on any information about them?

    I am trying to build up my credit score, I have no marks on my credit file as I haven't ever taken out much credit in the past.

    DO NOT EVER BORROW MONEY TO INCREASE A CREDIT SCORE. The credit score is a fictitious makey uppey number that only you see. The lenders don't use it.

    Get a credit card, repay the bill in full every month. Doesn't matter what the interest rate is as you won't be paying any because of the above. If you can, see if you can get a cashback one so you get paid for using it.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    It is highly likely that a credit union will want you to save with them first before they will lend you anything.

    To build up your imaginary credit score get a credit card such as Aqua or Capital One - spend a little on it and pay it back in full EVERY month.

    Other things such as being on the electoral role will also help.
  • redpete
    redpete Posts: 4,692 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    jonesMUFCforever wrote: »
    To build up your imaginary credit score get a credit card such as Aqua or Capital One - spend a little on it and pay it back in full EVERY month.

    or:

    To build a positive credit history that might well improve your chances of getting a mortgage in the future get a credit card such as Aqua or Capital One - spend a little on it and pay it back in full EVERY month.
    loose does not rhyme with choose but lose does and is the word you meant to write.
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