Credit unions

elliesmemory1

Have any br people on here used a credit union for savings or loans? Do they penalise br or ex br people. Do you have to save a certain amount or for a certain timebefore beig considered for al loan? thanks

PippaGirl_2

They do credit check people but many people who are BR are approved if their current finances are being managed well. Normally the rule for taking a loan is to have been depositing money in a CU savings account there for 3 months.

elliesmemory1

Just wondered if you have to save a certan amount

alastairq

Hardupandfedup wrote: »

Just wondered if you have to save a certan amount

depends on the individual credit union, I've found?

elliesmemory1

Thanks just looking in to joining one.

PippaGirl_2

You can save as little or as much as you like, but the amount you have been saving will give the CU a good indication of how much you are likely to be able to pay off of the loan each month thereafter so may well affect the amount you can borrow.