Credit unions discussion

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  • datostar
    datostar Posts: 1,288 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
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    Some of the larger Credit Unions pay quite reasonable dividends on savings and ISAs. Maybe not as high as some interest rates available elsewhere, but their offers usually come with strings attached like 1yr bonuses, restrictions on withdrawals etc.
  • Watalie
    Watalie Posts: 535 Forumite
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    I joined my local Credit Union on Saturday - just waiting for the account activation to come in the post now :D
  • darkblue_2
    darkblue_2 Posts: 676 Forumite
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    I'm a member of a local CU. They're good rates of interest (dividend payments, actually) and I hear that the loans are good value, but I've never had one personally.

    My local CU do mortgages, bank accounts, kids accounts, etc. The only problem is when transferring money. I have to email someone who may not receive it straight away and then it takes 3-5 days from the date he receives my request to transfer funds from my savings account. Although I'm told that I can collect it in cash with 24 hours notice, or a cheque with the same day notice.
  • manda.jenkins
    manda.jenkins Posts: 1 Newbie
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    Hello,i was wondering if anyone could give me some advice? I applied for a 'helping hand' loan with my local credit union (liverpool) and am now awaiting a decision,they said it would be about 10 working days until I hear from them. I have a poor credit rating due to debts of about 600 pounds that i am now paying off. Does anybody know the likelyhood on me getting this loan? I am worrying about the descision as I desperately need the money and dont want to wait ten day so was just wondering if anybody can give me a heads up on what the decision is likely to be? I have £35 per week 'disposable income' if that helps. Thanks
  • spr6wo
    spr6wo Posts: 8 Forumite
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    I have been saving regularly with the Black Pear Credit Union in Worcester for about a year now, they have just announced that they are no longer accepting applications for loans and are closing down.

    I am really disappointed as I wanted to apply for a loan with them but now can't so the time and effort I have put into saving with them (and thus building a 'credit history' with them) has been wasted.

    Can anyone suggest an alternative?

    Many Thanks
    Steve
  • Dr_Cuckoo3
    Dr_Cuckoo3 Posts: 1,398 Forumite
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    spr6wo wrote: »
    I have been saving regularly with the Black Pear Credit Union in Worcester for about a year now, they have just announced that they are no longer accepting applications for loans and are closing down.

    I am really disappointed as I wanted to apply for a loan with them but now can't so the time and effort I have put into saving with them (and thus building a 'credit history' with them) has been wasted.

    Can anyone suggest an alternative?

    Many Thanks
    Steve


    I am not a fan of credit unions although I have accounts with some


    The following credit unions accept applications throughout the UK - I assume that Black Pear were the only credit union in your area

    Norwich credit union

    http://www.norwichcreditunion.org.uk/ (see application form for details)

    Plaid Cymru credit union

    http://www.ucpccu.org/

    Oddfellows

    http://www.manchesterunitycu.co.uk/
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  • sharpy2010
    sharpy2010 Posts: 2,471 Forumite
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    spr6wo wrote: »
    Can anyone suggest an alternative?

    Many Thanks
    Steve

    Your bank?
  • antrobus
    antrobus Posts: 17,386 Forumite
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    Dr_Cuckoo3 wrote: »

    Plaid Cymru credit union

    http://www.ucpccu.org/

    Plaid Cymru is the Welsh (nationalist) Party. I think that you might well have to become a party member in order to join their credit union. Not a problem as fas as I'm concerned, but some people are funny about that sort of thing.
  • summerstreetallotments
    summerstreetallotments Posts: 110 Forumite
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    Stroud has a good credit union...you could join that and pay each week/month with a direct debit....they also give out loans to people who have not built up a credit history with them...you may have to pretend that you live in the catchment area though....White City Credit union in Gloucester might suit better...other alternative is to set up your own,,,,
  • summerstreetallotments
    summerstreetallotments Posts: 110 Forumite
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    Credit unions are much fairer than payday loans and doorstep lenders..
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