Credit Union Loans

jlynncsf

Hi, does anyone know how easy it is to get a Credit Union loan? I'm with an organisation which can use them, you pay in whatever you like each month from your salary, and can apparently get a loan once you have "saved" enough to cover the cost of the first repayment, but am unsure if I would get accepted as my credit rating is pretty poor. Anyone know? Thanks!

FROSTYFRECKLE

Hi,

I've just noticed your location - Glasgow. I'm with Scotwest Credit Union, you must have a Direct Debit set up for three months prior to applying for a loan, loan is not based on your shares (money saved up). Scotwest CU does credit checks. I know Glasgow CU, Pollok, and Govan CU's use credit checks - friend was turned down by Glasgow cause of his credit rating. I guess it will depend on how bad your credit rating is and how much you want to borrow. Sorry I'm the bearer of not fabulous news, but it might still be worth applying.

Auzelia

Hi,

Im with the Dalmuir CU and I paid in £5 when I opened my account and asked for £150 that same day.
They said they had to discuss it at their weekly meeting and I then had a phone call the same week advicing me I could come down and pick up the money.
I have since then had another 3 loans all without having paid off my last one.

Though my last loan was not for the amount I requested as my balance was getting a bit too high.

I dont have a DD set up. I just go in and pay it once a month and add money into my savings at the same time.