Fantastic (Credit Unions)

Member Name: Paula

Product:	Credit Unions
Date:	18/02/09 (14 review reads)
Rating:

Advantages: Communtiy based and no outside shareholders!

Disadvantages: Limited by who can join because of their common bond.

Credit Union are a great way of saving, they have no share holders so no big fat cats wanting to make profits from the company, so all profits made go right back into the members pockets! Many offer a large range of financial services such as savings, loans, current accounts, mortgages, insurance etc. Depending on where you live their may be a few different credit unions available to you. I live in Glasgow and have 2 really big ones as well as my small local one available. They really are the sensible way to save, meaning you have the option there also to access their low interest loan rates! It's really good for the small emergency loans, the big banks won't even look at you if you want under £1000, leaving you to go to door step lenders and the such. I use mine (Scotwest) to pay off my insurance for my car in the one lump and pay it back weekly, it's so much easier! I would reccomend everyone to look into joining their credit union!

Summary: ethical coop finance