Credit unions

DrDoo

Hi,

I was just wondering if anyone had any information about credit unions? it seems very....easy?!?!?! surely they don't give bad credit loans as their name would be popping up all over the place. Has anyone had any success from them?

But even if they don't give bad credit loans to people i am interested in joining even just for the saving aspect.

amanda40

Anything you save - you get life cover on - depending on your age. Think it may be twice your share balance. Any loan you take out is also covered by insurance in case you pop your clogs - but only if under 70.

DrDoo

Thankyou for your very quick reply

do they ever offer bad credit loans?

toby3000

I think you have to save with them for a while before they will loan to you?

You also don't earn any interest on anything you save, but get a dividend (I think, anyway)

jamesey07

the way my credit union works is that after you have been with them for about 3 months and they see you putting savings in they will let you take out a smallish loan, if they see that u pay it back proper etc they will then grant out bigger loans, normally up to 3 times the value of your shares, the interest rate isn't to bad either at about 1% a month.

[Deleted User]

credit unions offer the financially disadvantaged on ideal way to save and borrow in a small way,with apr`s around 13%,they dont pay interest but do pay dividends,all in all a better way than "door step" loan sharks