Credit union loan q?

rover25

Do credit unions lend out more than £25,000 (the general max unsecured loan value from banks) and do you have to have a 1/3 of that value saved in the credit union before they lend. Heard they will lend up to 3 times what u have saved but someone else said they can lend more than this.

jonesMUFCforever

Have you asked them.
I don't know the answer and I'm not a member of any credit union but if I was - I would be very unhappy about the union lending more than would be covered by the CCA for the purposes of being able to get the money back legally.
Is there anything to stop you taking out all of your savings once you have had your loan??

smegs1978

rover25 wrote: »

Do credit unions lend out more than £25,000 (the general max unsecured loan value from banks) and do you have to have a 1/3 of that value saved in the credit union before they lend. Heard they will lend up to 3 times what u have saved but someone else said they can lend more than this.

My local credit union only lend up to a maximum of £7500. You also don't need to save with them, however i know some credit unions you do.
I very much doubt they would lend £25000 as they use other peoples savings to fund the loan, i think. And that would be a huge risk.