Suggestion: a special article on credit unions

lswwong

I was partaking in this discussion on the "Loans" board:

http://forums.moneysavingexpert.com/showthread.html?t=234147

and the idea of an article on credit unions was mooted as an affordable way to borrow small sums, particularly for people who are less well off.

Would Martin and the Team be willing to consider doing such an article, I wonder?

MSE_Martin

It's already on the list (sadly its a long list!)

Martin

lswwong

Thanks for responding to this suggestion, Martin. Glad to hear that it is already on your team's radar.

Please feel free to yell if MSE members could help you in any way to put this article together.

I have no direct experience of credit unions - only an awareness of it being a "co-operative" finance solution that is "not for profit". I have heard that the Southwark Credit Union based in London is well established and successful: http://www.creditunion.co.uk/.

As with a lot of "mutual assistance" organisations, its members' commitment is vital. Anyone remember LETS schemes (bascially, a bartering circle)? It's quite a good idea but never really got off the ground.