credit union loans for xmas

mama.a

hello

im wondering if any one knows much about credit union loans
iv been with credit union for a year and half
iv had 3 loans and my next loan is due around the end of November
any way im really needing a loan for Xmas
and i don't no if im going to get it in time because some people are saying theres a time limit to apply for one around Xmas
im with south Yorkshire credit union
and because iv never missed a payment on my loans im still worried
they will turn me down its a big worry because it will be so close to Christmas when i apply and i don't want to be let down

can any one tell me how they actually work and would they turn me down so close to Christmas even though iv never missed a payment

thanks

[Deleted User]

If you already have loans, getting a further one would be very unwise.

Christmas is the worst reason to get a loan - celebrate it at no cost instead. It can be just as good.

Monkeyballs

My advice is to speak to the Credit Union, they're the ones in the know...

That said, I agree with ZX81. Why not give yourself the best Christmas present and not take on more debt this year? I'm not saying don't buy anything but look at what you have and work out a budget using that... Most people won't object to just getting a small present then, start saving for next year if you would rather give yourself a bigger budget next time...

MB

TBeckett100

Here is a question for you.

Would you rather your kids have a great Christmas or would they prefer a year of mummy not able to be fun during the year because she can't afford x,y,z?

moohound

Have ONE frugal Christmas, save what you would have paid for the loan for next Christmas,repeat, never need a loan again.

TBeckett100

Give the kids a tenner and send them to the pound shop. Seriously, the amount of stuff I buy my daughter, it just sits on the shelf. There's stuff from last year unopened and under the bed there is stuff still wrapped.

Kids have more fun with boxes

whitesatin

I made the mistake of buying much too much for my (then) 3 and 4 year old grandchildren a couple of years ago, being a doting grandma. They were very excited to be opening lots of presents, for sure, but showed very little real interest in what was in them. Just opening them was exciting. So, last year I cut down a bit and yes, they were excited but one commented that they got less than last year! At that age! This year I am buying even less but will be wrapping up just as many presents by splitting up, e.g. colouring book in one, felt tips in another and so on.

I swear, when I visit, every toy they own is swept into a box (by their mums) and very little interest is shown any more.

If I buy anything substantial, I will keep it here, at my house, to be rediscovered each time they visit as that way they will appreciate it more.

I love them dearly but there is no way I would get into debt to buy presents when there is such a lot available so cheaply - it all ends up in a heap anyway. My memories of childhood Christmases is not to do with toys but to do with experiences, family meals and outings to the park with family.

PeacefulWaters

For those who know when Christmas is, please save up for it.

For those who don't know when Christmas is, it's 25th December.

Don't borrow for it. Ever.

ElkyElky

As a saver in credit unions, I've substantial amounts in accounts but I'd be reconsidering my loyalty to them if they happily allow members to borrow for Christmas and the likes.

Since it's my money being lent to members, it should be the last resort. People facing homelessness, starvation etc - not pointless tat you buy for one day a year. I do like the idea that my money is being used to help the poorest with bare essentials but loans for Christmas tat? I'd rather move my money to interest paying accounts with banks.

Pixie5740

ElkyElky wrote: »

As a saver in credit unions, I've substantial amounts in accounts but I'd be reconsidering my loyalty to them if they happily allow members to borrow for Christmas and the likes.

Since it's my money being lent to members, it should be the last resort. People facing homelessness, starvation etc - not pointless tat you buy for one day a year. I do like the idea that my money is being used to help the poorest with bare essentials but loans for Christmas tat? I'd rather move my money to interest paying accounts with banks.

Credit Unions lets their members borrow money for all kinds of reasons, not just those who need to borrow money to buy food or pay their rent. Generally, before someone can borrow money they have to be a member of the Credit Union and have saved some money first.

I do agree that getting into debt for Christmas isn't worth it though. Most Credit Unions have a Christmas saving account which is why I joined one in the first place.

redcard

ElkyElky wrote: »

As a saver in credit unions, I've substantial amounts in accounts but I'd be reconsidering my loyalty to them if they happily allow members to borrow for Christmas and the likes.

Since it's my money being lent to members, it should be the last resort. People facing homelessness, starvation etc - not pointless tat you buy for one day a year. I do like the idea that my money is being used to help the poorest with bare essentials but loans for Christmas tat? I'd rather move my money to interest paying accounts with banks.

Interesting point of view, if a bit bonkers. I don't think you've really thought it through.

Who is benefitting from all your credit card usage? Certainly not the homeless