Credit unions discussion

Angiebaby

I am a member and director of Glasgow Credit Union, which was formed in 1989. www.glasgowcu.com
As Glasgow is one of the larger credit unions we offer a full range of saving and borrowing products, including mortgages.

Initially we were a credit union for Glasgow City Council employees only, but we changed our common bond (field of membership) a couple of years ago to anyone living and/or working in the "G" postcode area. We currently have over 21,000 members.

I am also a director of the main trade association ABCUL so I am happy to provide any info I can on credit unions, either generally or specifically. www.abcul.org

Snowminx_3

Hi there,

Been reading the posts on credit unions and it all sounds very positive. I would like to try and get a smallish loan, can i do this if i join as a member or would i have to pay in and save for a while?

borders_dude

quidsinquentin wrote: »

Wow....this is a PACKED article!

So there's really no-one on MSE who's a member of a CU???

Im a member of Capital Credit Union here in Edinburgh.

I have a current account with them.

I save with them via payroll deductions.

I have a loan with them.

DrDoo

anyone have any experiences with a north east credit union?

creditcontroller

Snowminx wrote: »

Hi there,

Been reading the posts on credit unions and it all sounds very positive. I would like to try and get a smallish loan, can i do this if i join as a member or would i have to pay in and save for a while?

You would have to join as a member and save on a regular basis. It's best to give you local Credit Union a call as the criteria does vary and it may be that they will grant you a small loan if your need is urgent, but with a higher rate of interest.

abelljms

Because of FSA rules, cr unions have a very restricted access profile.
e.g. you are welcome to borrow from my cr union BUT u have to live/work in THamlets to be allowed to open an account.

PS we WANT to lend as that's the only way we make money now thanks to the stupid banks.

:beer::A

Watalie

I used to be a member of my local Credit Union when I lived at home in Ireland.

Here, they aren't nearly as popular which is odd :cool:

Anyway - I want to join my local one in Manchester but it's a nightmare trying to arrange to go (no car) and the opening hours are a bit pants, TBH.

But I'll get there in the end, I'd be happier to put a few quid away in a local community based organisation every month or so.

kev.s

:Ti'm a member of the grampian one, have been for 6 years now, great savings currently with them, used them couple times for a loan with no probs, great service and profesionalism too

abelljms

unfortunately cr unions in UK have a lot of restrictions which prevent them effectively competing with banks.

Hours are often restricted because they use some volunteers to keep costs down. However there is a banking service rolling out which means u will b able to use ATMs.

norathetiger

I have been with Glasgow Credit Union for the past 5 years and they are great.
Dont go to your bank for a loan, join a local Credit Union.