I have posted my opinions on them and some of their practices elsewhere. Let's just say that I have a much less rose tinted view of them generally.Not sure what others on here think of credit unions, but I think they are great. Nice to deal with, a great help to small borrowers, based in local communities etc.
...................................I have posted my opinions on them and some of their practices elsewhere. Let's just say that I have a much less rose tinted view of them generally.
However, the priority of most people is to keep the roof over their head, so they are advised to prioritise their mortgage repayments over unsecured loans.
If the banks insisted that you could only borrow €4 for every €1 on deposit thus inflating the cost of credit and did not clarify the concomitant true cost of such credit then many people would be up in arms....But from experience Credit Unions are better than Banks.
If the banks insisted that you could only borrow €4 for every €1 on deposit thus inflating the cost of credit and did not clarify the concomitant true cost of such credit then many people would be up in arms....
Originally Posted by Brendan Burgess
However, the priority of most people is to keep the roof over their head, so they are advised to prioritise their mortgage repayments over unsecured loans.
What about if you're going to lose the roof over your head anyway? .
I thought everyone borrowed from the credit union for their deposit!
If you want to borrow more than 3 times your savings, you should save for a few months, and borrow a small amount and pay it off asap (no penalties for early repayment). That way, you can borrow up to 5 times your savings (in most credit unions) on your second loan.
Credit unions should not have played along when some members were borrowing funds to use as mortgage deposits. The ability to save a deposit is one of few ways a bank has of knowing a customer should be able to repay the loan.The money won’t show up as coming form your credit union account because you are given it as a lump sum (as amounts are far less than what a bank would loan) so you can take out as cash, put into your account & pretend it was from you parents! – the bank will ask you for a letter from your parents sometimes to verify!
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