Can I put in a word for Credit Unions. I worked in the movement and do thimk it is one of the few financial bodies that both cares and works.
A lot of people think that Credit Unions only exist for people on benefit or a very low wage, but you can view them from a different perspective. As a model for 'keeping it local' and 'small is beautiful', they work very well. By saving with a credit union, you won't receive massive interest, but your money will be safe and it will be ethically invested. As a credit union member, you will be eligible for loans. The interest rate is capped by the government, and cannot, at present ,be above 26.8%. That sounds high until you recognise several points.
Credit Unions will not reject you out of hand if your credit history is poor - be honest though - honesty ranks highly and they will check!!
Credit Unions are one of the few places you can get a small loan at such a low rate. If you need less than £5000 you won't find it easily elsewhere.
Credit Unions aren't standing against the 'big boys', they are trying to help people avoid the doorsteppers (e.g.254%), the pay-day loaners (e.g.1737%), the log-book loaners (e.g.437%) and Argos!!!!
Unlike the big boys, a Credit Union will not charge you £12 everytime you are late with a payment, or they have to write to you. They try to be the human face of lending and will do everything possible to help if you have problems.
A lot of people think that Credit Unions only exist for people on benefit or a very low wage, but you can view them from a different perspective. As a model for 'keeping it local' and 'small is beautiful', they work very well. By saving with a credit union, you won't receive massive interest, but your money will be safe and it will be ethically invested. As a credit union member, you will be eligible for loans. The interest rate is capped by the government, and cannot, at present ,be above 26.8%. That sounds high until you recognise several points.
Credit Unions will not reject you out of hand if your credit history is poor - be honest though - honesty ranks highly and they will check!!
Credit Unions are one of the few places you can get a small loan at such a low rate. If you need less than £5000 you won't find it easily elsewhere.
Credit Unions aren't standing against the 'big boys', they are trying to help people avoid the doorsteppers (e.g.254%), the pay-day loaners (e.g.1737%), the log-book loaners (e.g.437%) and Argos!!!!
Unlike the big boys, a Credit Union will not charge you £12 everytime you are late with a payment, or they have to write to you. They try to be the human face of lending and will do everything possible to help if you have problems.