Should You Use Credit Unions Or Big Banks

Should You Use Credit Unions Or Big Banks - Business Insider



I joined my local Credit Union,some years ago,as banks just did not want to lend me a penny! My credit rating was crap!

Credit Union's will lend to people like me. In my case, I had to 'prove myself' by regularly paying in a set amount. This shows that I can afford it and that I can organise the payments. I was then allowed to have a savings account. This pays interest,as opposed to banks which don't!!

I am allowed to borrow up to three times the balance in my Savings Account. The Union take out a life insurance policy to cover the loan,so age and health status do not matter at all!! They do not say that I must be working,just that I can afford the payments from whatever income that I have.

Through loans,added to savings and income, I have sorted out my retirement needs. Without the CU,I would have been looking at State benefits,alone. My savings account gains interest and should I need money,age and work status are no longer a problem.

People have fallen into the property trap since Victorian times. Bricks and mortar is the thing,we have been told. So fine,you reach retirement,you house is worth £200,000 freehold.  Try and get a loan?

You are too old,your health may be a issue and you hae no job. How can you possibly re pay a big loan even if you can get one?

Well, by building up savings and keeping to regular payments, you will find that the CU will certainly help you whereas banks are looking for core business from the 25 to 35 year age group..