Credit Union Loans?

antrobus

jonesMUFCforever wrote: »

So they have lent £1.6 billion pounds but only have £1.3 billion to back it up?
I agree most people who borrow from credit unions do so as a lender of last resort.

No, they have £1.6 billion in loans and £400m in capital to 'back it up',

Cash is what you use to make loans. If a loan goes bad, you don't get some or all of that cash back, The cash does not back anything up.

Many CUs would prefer to see a good chunk of that cash lent out at 25& rather than 0.5& or whatever. But want it lent out to people who will pay it back.

[Deleted User]

Andrew1974 wrote: »

Hi. I would say you don't have to be saving with them for a while. You have to agree to save with them whilst you are paying back the loan.

I have never heard of read only access.

I would refuse this for a start. Mines wanted a copy of a bank statement when I applied for £5000. I told them to shove it.

You mean they told you to "shove it" when you refused?

A_A_Mole

sassy-one wrote: »

95% will require you've been saving with them for 3 months, and they let you borrow twice what you've saved.
Sometimes this isn't completely made clear until after sign up and trying to apply.
I know this as I've approached a few CU which all had this requirement.
Some said you had to be a member for at least 3 months, other said 3 months and twice whatever you paid in.
Some did have maximum load amounts, one I enquired with was £20,000.
No idea what Andrew is on about, as you have to be a member for a set time with almost all Credit Unions!

The one I was looking at had different types of loans, with different interest rates.

If you are a borrower with them, they will let you borrow x of what you have saved with them, at the lowest rate they offer.

Although why would you want to borrow if you have money saved with them?

Another of the loan types, the consolidation one, they said will pay the people you owe money directly. This makes me thing they would be more likely to give a big consolidation loan than a bank, as they would know you had paid the previous debts off. Although you could just start using the cards again?

On the loan application page, it said something like, you can sign up to the credit union, during the application process, in order to complete the application.

So that sounds like you can sign up on the day of the application.

But as you said, maybe this is just a ruse to get people to sign up!

DCFC79

Danielle_Sims wrote: »

I had also the same problem, then I found a plateform brickellcapitalfinance.com. they helps their clients in finding capital throughout the country to help them expand their business or financing continuing operations.

You somehow promoting that website ?

AndyPix

^^ Of course they are - spam clicked

Andrew1974

camelot1971 wrote: »

You mean they told you to "shove it" when you refused?

No I mean I told them to shove it.

They wrote saying as my application was withdrawn and not declined I should reapply anytime.

Why 4 people have pressed thanks to your nasty remarks, I don't get.

sassy_one

Andrew1974 wrote: »

No I mean I told them to shove it.

They wrote saying as my application was withdrawn and not declined I should reapply anytime.

Why 4 people have pressed thanks to your nasty remarks, I don't get.

Because it wasn't a nasty remark.