Credit unions - anyone know anything about them?

tawnyowls

bjo wrote:

t
extremely money saving but only for working class people.

Unfortunately, they do seem to have that rather snobbish connotation on this side of the pond. No way in Ireland, either north or south, are they thought to be for 'working class people' - practically everyone in any job (including managers, directors etc) has at least one CU account

lynzpower wrote:

My local credit union loan is 21% APR
I dont know why everyone goes on about the low cost ness of them- make sure you check .

Again, this appears to be a peculiarity of the UK - most Irish CUs charge under 9% for a loan. Unfortunately, that does make lynzpower's advice very valid - even though they may not be a very good alternative to a moneylender, CUs here are not necessarily the best alternative to a bank.

Milarky

lynzpower wrote:

My local credit union loan is 21% APR

I dont know why everyone goes on about the low cost ness of them- make sure you check .

This situation has changed quited recently - there used to be a limit of 1% per month (12.68APR) see here for my rant on the subject

icefall

mine is very good, have been a member for around 3 years, a lot better than provident and shopacheck -(lots of people in my area rely on them, even though I keep telling them about the credit union)

Kay_Peel

I've been a member of one for 10 years. I like the idea of a 'community' banding together to help each other and keep costs down.

Mine doesn't offer the cheapest borrowing, but it beats other lenders by offering no-cost critical health and life insurance - so if you fall ill or die, the debt is covered.

I find it's a good way to save - a minimum of five pounds a month in this case. At the end of the year there's a good gross dividend paid to members - taxable, I'm afraid. I don't notice the saving because it's taken directly from my pay - but I certainly notice it when it comes to Christmas, when I spend it!

It also runs a monthly lottery - a pound a share. It pays out a grand to the winner and lots of smaller prizes.

There is a junior savers club for the children, too.

A nice, communal, doing-it-for-ourselves alternative to banking.

KP

galaxysue

hi I have been with our credit union for 4-5 yrs. It is great cheap loans. Interest is 1% 12.6%APR. You can borrow just small amounts and it discourages the doorstop lender. They also have a savers club for children with collection points in schools encouraging children to save.They also offer Budget account service similar to direct debit and free money management advice. Thanks sue

Squidgy

Hi guys, thanks for all your input. I joined our credit union this morning.

ginger_nuts

my local credit union will give you £1000 loan for every £150 you have saved .

ginger_nuts

I joined my local credit union today ,and for security they took my photo using a web cam . Big brother really is watching me now .

Heidy_2

Kay_Peel wrote: »

I've been a member of one for 10 years. I like the idea of a 'community' banding together to help each other and keep costs down.

Mine doesn't offer the cheapest borrowing, but it beats other lenders by offering no-cost critical health and life insurance - so if you fall ill or die, the debt is covered.

I find it's a good way to save - a minimum of five pounds a month in this case. At the end of the year there's a good gross dividend paid to members - taxable, I'm afraid. I don't notice the saving because it's taken directly from my pay - but I certainly notice it when it comes to Christmas, when I spend it!

It also runs a monthly lottery - a pound a share. It pays out a grand to the winner and lots of smaller prizes.

There is a junior savers club for the children, too.

A nice, communal, doing-it-for-ourselves alternative to banking.

KP

>>>>

They are generally staffed by retired pensioners,plus all the busybodies in their get to gossip about your private fiancial affairs.

My brother was even trailed to his place of employment to check him out:)


So beware.

Heidy

tallyhoh

I used to belong to one. a few years ago I borrowed £2000, I already had £1000 saved with them which they said I had to leave in. So in reality I was borrowing £1000 of my own dosh and paying interest on it at about 12.5 APR????? Am I missing something????