Why oh why....

inmypocketnottheirs

stokegal wrote: »

Yum fancy some :spam:

Why Spam, when it is a post with links to a credit union?

Hermione54

Spam or not, Tony Hendrix right. What puts people off is that you have to save with the credit union for a while before you can borrow, and then you are limited to smallish loans. Many people on these threads are desperate and can't really wait (or save).

seven-day-weekend

I don't think it is spam. I too have often wondered why people who can't afford much and who may not be able to raise the capital to buy, for example, a new washing machine have not joined a credit union as it seems to be people with not a huge amount of money that the CUs cater for.

Surely it would be better to join a CU than pay th huge interest rates Provident or Crazy George's charge?

Hermione has given one reason why it may not be possible for people to join. However, I still think that if you can only afford a tiny bit each week it is still worthwhile joining.

dfwz

If you can't afford to save, you can't afford to borrow.

It's cheaper to save up £100 than it is to borrow £100 and pay it back with interest. Therefore if you can't start saving for emergencies just now, borrowing is a gamble. Obviously for each individual it's different eg.. if you're borrowing on the strength of an upcoming windfall etc...

Credit unions help with that and encourage responsible borrowing.

http://en.wikipedia.org/wiki/Credit_union

This isn't spam it's pretty good advice, worth considering for some people on this forum.