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Credit unions discussion

edited 28 March 2013 at 3:31PM in Loans
32 replies 77.6K views
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Replies

  • 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
    Kindest Regards,
    Angela
    Drumchapel Community Credit Union
  • 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?
  • 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.
    When dealing with the CSA its important to note that it is commonly accepted as unfit for purpose, and by default this also means the staff are unfit for purpose.
  • DrDooDrDoo Forumite
    36 posts
    anyone have any experiences with a north east credit union?
  • creditcontrollercreditcontroller Forumite
    213 posts
    ✭✭
    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.
  • 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
  • WatalieWatalie Forumite
    535 posts
    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.skev.s Forumite
    513 posts
    :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
  • 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.
  • 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.
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