Credit union loans

Anthonyk900

Hi can anyone help me I’m just wanting to get a loan from credit union but I want to know how it works the repayments?

[Deleted User]

You'll make monthly repayments of capital and interest, over the agreed term.

TrickyDicky101

You usually need to have been a member (ie made deposits/had savings) with the credit union before you can borrow. Is this the case or are you just looking for a loan?

Anthonyk900

I’m looking for a loan I have an appointment with credit union on Friday as it’s low interest I heard they didn’t say anything about waiting for a loan off them.

Bermonia

Things may have changed, however historically they only used to lend to existing members... could be that they are trying to poach some of the Short Term Lending business, may be worth calling to check before wasting your time

Anthonyk900

Well I went in asked how do I go about getting a loan and they said we need to sign you up first then I can get a loan but I have heard exactly what your saying.

dc1980

I also thought you had to be a member. I am a member of my local credit union where I put a little away each month for a Christmas fund more than anything else. I know they do loans but wasn't sure they'd be able to lend the amount I was after.

So I have just gone through Loans Warehouse to get a loan and the lender they recommend was a credit union of some sort, which I'm not a member of. I've signed the agreement and sent through payslips and bank statements, so all seems well.

DCFC79

dc1980 wrote: »

I also thought you had to be a member. I am a member of my local credit union where I put a little away each month for a Christmas fund more than anything else. I know they do loans but wasn't sure they'd be able to lend the amount I was after.

So I have just gone through Loans Warehouse to get a loan and the lender they recommend was a credit union of some sort, which I'm not a member of. I've signed the agreement and sent through payslips and bank statements, so all seems well.

A credit union of some sort, well they are either a credit union or not.
Be careful.

Why go through loans warehouse ?

Anthonyk900

Apparently it’s still credit union but they call it a community bank and they took my bank statements and signed me up as a member and they need their boss to accept the loan so fingers crossed they accept and they let me know Tuesday.

Kentish_Dave

Are you working, and how much spare money do you currently have left over at the end of each month?

If none, what will you make the loan payments out of?

dc1980

A credit union of some sort, well they are either a credit union or not.
Be careful.

Why go through loans warehouse ?

It's called My Community Bank, which grew out of Brent Shrine Credit Union.

I went to LW having been declined by Tesco for a joint application with my wife on a higher amount, and then having a brief chat with my own bank who would not lend even before delving into my credit file or affordability parameters.

I was aware LW are known as a body that looks for options for people with unflattering credit reports so decided it was worth investigation.

I actually found them very helpful, efficient and they came up with a good recommendation at affordable repayments, albeit a higher rate. The terms allow for early repayment and lump payments during the loan term which should bring down the total cost of the borrowing too.