Credit Unions

Locana

Could anyone advise me what a Credit Union is? Are they a good idea? Do they accept people with low credit ratings? Or have I got it all wrong? (Again!)

Thanks
Lo

miseter

u dotn have to even have a credit rating with the credit union i am in... it is so much better than banks there is no pressure and if u want to take out a loan u just pay back wht u want when u want i think they r brill

beanielou

Hi
Credit unions are just great!!
how it wqrks is that you save whatever you can afford each week/month
once you have saved for at least three months you can then borrow three times what you have saved at a competitive rate.
They accept people with a low credit rating.you just need to build up a small reserve so you can then borrow.
I have found them to be a life saver in the past.
I now actually have a very small amount saved for the first time in my life.
There are credit unions with all sorts of 'common' purposes.The one I am in is because I volunteer in the voluntary sector.
Hope this helps a wee bit.

miseter

yeh that is exactaly the same as my credit union they r so great and i love saving with them as the r so nice and not as much stress with loans etc..

Locana

so, you save money, and you can borrow money! Do you get good interest on your savings? Can you take some out when you please?

Many thanks for all you replies!

miseter

if u have saved money u can take it out when u want but i dont think it will help u too much when u got to take out a loan >>>>

beanielou

You can take out money as long as you havent borrowed against it.
eg at the mo I have an outstanding loan so I cant take out my savings-which in a way for me is good!!- but if I had savings but no loan I could take them out at any time.
The interest isent great but the credit unios have many advantages which i think outweigh this.

queenofthedump

how do i find one

THE_LONE_RANGER_4

my credit union is great ive had 7 loans from them one for car ,holliday,etc, in mine you can borrow up to 3 times your savings it is then paid back over a set period your savings are frozen for the period of the loan ,example you save 50,00pound a month when you take out a loan you carry on paying your £50,......£40,00 goes to your loan repayment £10,00 goes on to your frozen savings so when you finish your loan your savings will more ,we get a dividend every year better than what i would get from bank i currently have £1000 pound in mine 2 months of a loan to pay so will be able to borrow £3000 in two months time if i wish, join one there great and help you save and get in to the habbit reguards andrew

THE_LONE_RANGER_4

to find your nearest type in uk credit unions find one closest to you mine you have to live in shropshire, join one, join one,forget credit cards these are best plus you build on your savings reguards andrew

beanielou

Credit union members tend to have a 'common ' bond.
Why dont you try looking in one of the search engines?
Sorry cant be more help , mine is through my voluntary work but you seem to get them for everything/everywhere now which is just great.