Credit union loans

DCFC79

dc1980 wrote: »

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.

Thanks for coming back, hope it goes well for you.

SnowTiger

dc1980 wrote: »

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

Going off at a tangent here...

Community Bank's savings rates seem quite good.

2.1% interest if you have £1,000 or more to stash away for a year; 2.25% over eighteen months.

Unlike most credit unions, their 'common bond' threshold is extremely low. Being a member of the Co-operative is sufficient.

Perhaps worth considering after Tesco Bank reduces the interest it pays.