Credit Unions: Official MoneySavingExpert.com Discussion

beanielou

Its after tax.
Not sure why you would think it would be before.

weebegbie

Hi, I've just seen an advert in Glasgow's Metro paper for Glasgow Credit Union, and their loans... but it's also saying that Martin recommend's them!

Is this true?

beanielou

PM Martin & ask him.
AFAIK Martin is a fan of credit unions but doesent favour particular ones.

never-in-doubt

debrag wrote: »

I've been told 7-10 days, so I'm keeping everything crossed lol

Can you give an update - what did the comittee say? Did the man from del-union say yes?

Leeanne

weebegbie wrote: »

Hi, I've just seen an advert in Glasgow's Metro paper for Glasgow Credit Union, and their loans... but it's also saying that Martin recommend's them!

Is this true?

"Martin Lewis: Money for nothing" Manchester Evening News, 31 Mar 09
Alternatively, if you have a credit union nearby, which is a non-profit savings and loans co-operative, you could try it; many, such as the large Glasgow Credit Union, now offer bank accounts.

From the MSE website, Credit Unions page
Yet some of the larger credit unions such as those for the police, or the big Glasgow credit union can offer products that beat those of mainstream finance.

It's not allowing me to post the links, but both articles are very easy to find on-line.

Hope this helps.

weescotschick

Last year I had been saving with Credit Union for several months and then in November I got a loan of £1100, my question is as Im not 100% sure how it all worked, do I still have savings??? Am I entiled to anymore credit from them??

Thanks

creditcontroller

weescotschick wrote: »

Last year I had been saving with Credit Union for several months and then in November I got a loan of £1100, my question is as Im not 100% sure how it all worked, do I still have savings??? Am I entiled to anymore credit from them??

Thanks

Yes, you still have the savings but probably won't be able to withdraw them yet due to the loan you have.

As to if you would be entitled to a further increase in your loan depends on the rules of that Credit Union. I suggest you ask someone to explain the rules to you, they will be happy to do this.

Mummy_Jo

I have been a member of a credit union for 15 years I think. I mainly use it now for savings but I have had loans from them in the past.

weescotschick wrote: »

Last year I had been saving with Credit Union for several months and then in November I got a loan of £1100, my question is as Im not 100% sure how it all worked, do I still have savings??? Am I entiled to anymore credit from them??

Thanks

Your savings are secure - if you think of them as insurance if you default on your loan and cease paying they will transfer your savings into your loan to reduce their losses. Whilst you have a loan you are usually unable to withdraw money from your savings and you are always usually made to continue to pay into your savings account so it grows too even if it is only £1 a week (each CU will vary on the minimum deposit) Once you have repaid this loan in full you will be able to apply immediately for another one. In some cases you can apply for a top up loan - say you are half way through paying for yours but need a bit extra they may be able to top up your loan by a bit for you. You must be aware though that not all credit unions have the same rules. Some of the bigger CU's have access to more funds and others have to be more cautious about lending.

If you are unsure you should be able to get clarification from some one at your paying in point. The loans committee would know too or failing that speak to one of the directors of the board.

Hope this helps to point you in the right direction

welshpat85

Hi, would anyone be able to tell me if a credit union loan would be a realistic option for a loan of £8,500, and is a good credit score needed? Specifically Manchester Credit Union.

Thanks, Welshpat

chocsessential

My CU will lend up to three times the amount of savings I've got, so if I've got £200 in savings they'll lend me £600. I haven't tried borrowing a larger amount though. They don't do a credit check either.

The only problem I have with my CU is I never know how much I've actually saved unless I email and ask them for a printout. I save by standing order and don't get a regular statement from the CU. I think they should either send out statements or make it possible to check my account status online.