CU Loans legitimate?

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Rmania
Rmania Posts: 2 Newbie
in Loans
Afternoon all,

I applied for a small loan just to get a new york holiday a bit advance price discount.

After going through the eligibility calculator, MSE offered a company called CU Loans.

After going through some due diligence it seemed fine to continue even with a lack of good or bad reviews, maybe a new company for example.

Anyways, I got approved and requested to forward my kyc details. Bank statement, passport, pay stubs for 3 months.

(Official website with secure ssl and email was as website stated).

I have now waited 3 days for a response but nothing. For only kyc; they should have completed by now surely.

Well, after calling the number today to see if all was fine, there was no answer. Tried a further 6 times roughly hourly intervals.

Nothing.

Could anyone give any personal experience on this credit union broker please?

Is this normal for them and are they legitimate.

Best

Comments

  • Rmania
    Rmania Posts: 2 Newbie
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    I have now resolved this issue.

    All checked out.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
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    Rmania wrote: »
    Afternoon all,

    I applied for a small loan just to get a new york holiday a bit advance price discount.

    After going through the eligibility calculator, MSE offered a company called CU Loans.

    After going through some due diligence it seemed fine to continue even with a lack of good or bad reviews, maybe a new company for example.

    Anyways, I got approved and requested to forward my kyc details. Bank statement, passport, pay stubs for 3 months.

    (Official website with secure ssl and email was as website stated).

    I have now waited 3 days for a response but nothing. For only kyc; they should have completed by now surely.

    Well, after calling the number today to see if all was fine, there was no answer. Tried a further 6 times roughly hourly intervals.

    Nothing.

    Could anyone give any personal experience on this credit union broker please?

    Is this normal for them and are they legitimate.

    Best


    A loan for a holiday, ive seen it all now.


    Was it really really needed ?
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
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    DCFC79 wrote: »
    A loan for a holiday, ive seen it all now.


    Was it really really needed ?

    Why save up and have 2 nice holidays, when you can borrow and incur interest on only 1 holiday.
  • glennstar
    glennstar Posts: 282 Forumite
    First Anniversary First Post
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    For anyone else interested in how to validate the authenticity of a lender, visit the FCA register and search for the company. In the case of CU Loans, their website says;
    Castle Community Bank is the trading name of North Edinburgh and Castle Credit Union Ltd. Registered office: 49 Great Junction Street, Edinburgh, EH65HX. Registered under the Credit Unions Act 1979, number 019CUS. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 213877.

    Visit the FCA website and search the register for 213877, which goes to the North Edinburgh and Castle Credit Union Limited registration page. Satisfy yourself that the information here is consistent with your expectations. Make sure there are no warnings or outstanding actions.

    Interestingly, upon further investigation of their trading names, it appears that the website https://www.culoans.co.uk/ is not listed. This is a violation of their obligations.
    The views expressed here are my own. I am not a Solicitor nor am I affiliated with any of the parties I mention. If you disagree with any of my comments please say in whatever way feels most natural to you. No one self improves in a bubble!
  • ThumbRemote
    ThumbRemote Posts: 4,622 Forumite
    First Anniversary Name Dropper First Post
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    DCFC79 wrote: »
    A loan for a holiday, ive seen it all now.

    Was it really really needed ?

    It's entirely possible that the OP will save money overall; the discount for an advance purchase being more than the interest they will pay on the loan.
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