does anyone else use a credit union

clowe1

hi everyone I just thought I would ask because nobody ever seems to mention it?

i have a credit union loan of about £9,000, and shares of between £4,000 and £5,000.

the loan is paid of with interest, the interest rate reduces with the reducing balance of the loan.

we pay £150 off the loan and about £70 on interest each month and then £10 into shares.

If I was to die (which I won't happen for a long time) the loan is wiped out and the shares are given to my beneficiary - my other half.

I manage this well and have managed over the years to pay for my wedding, three cars (in fifteen years), new windows for my house etc.

just wondering what other people's opinions are about credit unions in general

Clare

arlybarly

im in a credit union and have been for about 2 years. havent had a loan off them as never needed to but i know their rates are very low compared to a lot of places. i save anything fom 20 to 40 a week depending on how much spare cash i have.

Megatimbo

Hello i used to be in one with work and its very good,i used to save £5 a week and never missed the money and in no time built up a nice lttle balance.

The Union grew and more members were added until it decided to open its doors to the public,so anyone in my town can save with them.

I havent used it since though as the interest wasnt that good,but the loan facility was good in that you could borrow small amounts secured by your shares i think the ratio was 3 to 1 in that if you had £100 saved you could borrow £300 which was handy as most banks dont tend to lend small amounts.

Wife is still with them though and its a good way to save i`d recommend mine with no hesitation at all, the people running it are friendly and helpful.

regards M

barron_hard_up

I have heard of credit unions in the usa, the first time I ever heard of one was while watching an episode of Hill Street Blues (they don't make em like they used to..). I would like to join a credit union for the reportedly good value loans they offer, although right now, getting a loan is not a priority. However, if anyone has information on them, I would like to know more.

beanielou

Im a big credit union fan.

squirrel_pigeon

Leeds Credit Union is great. I don't use them personally but I know a lot about them and have recommended them.

splishsplash

I haven't used a credit union for many years, mainly because their deposit interest rates weren't competitive, and I could never get my head round the fact that in order to borrow, I had to have one-third of the loan amount on deposit as shares
It always seemed to me I'd be better off using my savings and borrowing a lower amount (therefore paying less interest).
My kids all have their savings in the credit union, though, just because it's less formal and friendlier, and they can go by themselves to conduct their business:)

teeni

I started using the credit union to save for christmas two years ago since then i have added a weekly figure for holidays and birthdays and household repairs. Have never used a loan myself though.

My daughter in law has saved for about 12 years in her local credit union and has had loans for cars and to pay for her wedding and honeymoon. its so simple and more informal, somehow than a proper bank.

no probs about saving very small sums.

Penny2myName

my mum swears by hers. She keeps trying to get me to join, but for now i am happy with the savings accounts I have, 6.0% and 5.75% just need chance to stick some money into them.

tigerfeet2006

Have thought about this but they are only open for a hour and a half a week and it would take me 3/4 hour to hour to get there. Can you set up DD's to pay the money into the union?

JCD_Capulet

Yep, speak to someone over the phone at your local CU and they'll be happy to set up a DD for you. I'm looking to start using my CU again come January. I cannot recommend credit unions enough, they're fab!