Credit Union Loan

Bobzanovski

My credit score is very poor however I have approx £500 surplus every month. I need to consolidate my loans and the mainstream lenders won't touch me!

We do have a large credit union in Leeds who I will approach but just wanted to put a feeler out there and ask MSE members of their experience/advice?

Thanks.
Bob

wiseshark

Bobzanovski wrote: »

My credit score is very poor however I have approx £500 surplus every month. I need to consolidate my loans and the mainstream lenders won't touch me!

We do have a large credit union in Leeds who I will approach but just wanted to put a feeler out there and ask MSE members of their experience/advice?


Credit Unions are great but not for everyone. In order to qualify for a loan, you normally need to save regularly with them for at least three months. Depending on the method of which you save, ie standing order, payroll deduction (best) or cash deposits, you can qualify for a first loan which will be limited usually up to £1500 if you pay by payroll deduction and the approximate loan value is normally up to three times your savings. Subsequent loans can be higher.

Credit Unions don't normally report loan repayments to the CRA, but will if you ask them to. Hope this helps.

AFK_Matrix

Urr call me stupid but why on earth do you want a consolidation loan? You state you have 500 a month spare so plow that into paying off your debts!! I am gob smaked Tbh.

Don't get the consolidation loan as they rarely work, accept there is no quick and easy answer and start to pay your debts off.

Bobzanovski

AFK_Matrix wrote: »

Urr call me stupid but why on earth do you want a consolidation loan? You state you have 500 a month spare so plow that into paying off your debts!! I am gob smaked Tbh.

Don't get the consolidation loan as they rarely work, accept there is no quick and easy answer and start to pay your debts off.

Each and everyone to their own - thanks for your input!!

Bobzanovski

wiseshark wrote: »

Bobzanovski wrote: »

My credit score is very poor however I have approx £500 surplus every month. I need to consolidate my loans and the mainstream lenders won't touch me!

We do have a large credit union in Leeds who I will approach but just wanted to put a feeler out there and ask MSE members of their experience/advice?


Credit Unions are great but not for everyone. In order to qualify for a loan, you normally need to save regularly with them for at least three months. Depending on the method of which you save, ie standing order, payroll deduction (best) or cash deposits, you can qualify for a first loan which will be limited usually up to £1500 if you pay by payroll deduction and the approximate loan value is normally up to three times your savings. Subsequent loans can be higher.

Credit Unions don't normally report loan repayments to the CRA, but will if you ask them to. Hope this helps.

I spoke to them on the phone this morning - and much more helpful than a bank ever would be. No call centre BS but good old straight-up talk without the corporate mumbo-jumbo.

I'm gonna pop in tomorrow for a chat and see what my options are. Might even sack the bank i'm with and move to the CU.

Hopefully i'll report back with some positive news.

Dovah_diva

I've used my local credit union and they are excellent. I save with them and have been for about a year now. If I wanted a loan I could have the money within a week - and they don't carry out a credit check.