home
in

Loans from a Credit Union

Last post Fri, Jul 25 2008, 12:41 AM by clareta. 8 replies.
Sort Posts: Previous Next
  •  Fri, Jul 25 2008, 12:41 AM

    Re: Loans from a Credit Union

    Hi I am involved with a credit union and we do use credit checks prior to giving loans which are usally based on abillity to repay. They are not given for the first 13 wks when you need to save. The lending rates are usually on a par with other lenders and far less than any doorstep lender and we are all covered by the FSA.
    • Post Points: 5
  •  Fri, Jul 18 2008, 1:54 PM

    Re: Loans from a Credit Union

    Most CUs will base lending decisions purely on affordability and savings record, not on credit checks. However, some CUs are beginning to access DWP funding that allows them to lend DWP money, but only at a higher rate than normally applies to CU loans and after a credit check. Good luck.
    • Post Points: 5
  •  Thu, Jul 17 2008, 4:26 PM

    Re: Loans from a Credit Union

    They don't say anything about credit checks and really don't think they carry them out!!
    • Post Points: 5
  •  Thu, Jul 17 2008, 4:05 PM

    Re: Loans from a Credit Union

    Ah, it's good to know. Thanks. Did they mention about credit checks?

    I am going this weekend, my day off last week was cancelled due to staff shortages, and then couldn't go over the weekend as I had left everything at work!

    • Post Points: 35
  •  Thu, Jul 17 2008, 4:01 PM

    Re: Loans from a Credit Union

    Our credit union will borrow after 3 months, I've been saving for months now but will wait till September to take out a loan with them, It's a cheep option and encourages you to save!!
    • Post Points: 20
  •  Tue, Jul 08 2008, 9:07 AM

    Re: Loans from a Credit Union

    Cheers for the replies.

    I was going to have both a savings account and a loan accout in tandem. On looking at the website, it appears I would be allowed to apply for a loan straight away, but I think if I can get some savings on the go too, can only help me out in the future (as long as I can afford to that is!).

    I'm going to see them tomorrow so I will keep you posted with the outcome.

    :)

    • Post Points: 20
  •  Fri, Jul 04 2008, 6:00 PM

    Re: Loans from a Credit Union

    It's really all up to the members, so it's for you and the other members to decide. Often you will be expected to save with the credit union for a period before making a loan application.

    http://www.abcul.org/page/about/intro.cfm

    • Post Points: 20
  •  Fri, Jul 04 2008, 6:00 PM

    Re: Loans from a Credit Union

    Hi --- Can't say with certainty, but I found the article below on my hardisk, from the FSA all about credit unions. Hope this helps you. !

    http://www.moneymadeclear.fsa.gov.uk/pdfs/credit_unions.pdf

    • Post Points: 5
  •  Fri, Jul 04 2008, 4:59 PM

    Loans from a Credit Union

    Hi all,

    I have recently just applied to be a member of a Credit Union near me, and I saw that they offer loaning services. Do you know if they run credit checks during the application process?


    Kind Regards,

    Andrew Berry

    • Post Points: 50