Give them the credit they deserve (Credit Unions)

Member Name: jennifer3002

Product:	Credit Unions
Date:	09/08/01 (270 review reads)
Rating:

Advantages: easy way to save

Disadvantages: none

For me the Strathclyde Credit union has been a godsend. I will admit it I'm a terrible saver any money I earn goes in one hand and straight to the nearest shop. I have tried savings accounts many times but as soon as I deposit the money I am back to withdraw it a few days later after seeing a much needed purchase.

One of my collegues told me about the credit union and I decided to join as she made it so tempting and easy.

I work for what was then Strathclyde Council in the education department but it got split up into regions but at the time it allowed me to join the largest credit union in Glasgow.

How you join:

Joining is very simple as long as you are a council employee you just fill in a simple form with your address and payroll number and how much you want to be deducted and how often.
After this the credit union will deduct the stated amount right off your wages, perfect for me as you don't see them the are taken off before it reaches your bank account.

Benifits of joining a credit union:

The obvious benifits of joining a credit union are savings and low cost loans.
After you have been a member for ten weeks or more you can apply for a loan up to five times your share balance ( this is the money you have saved in your account)for example if you have saved £10 per week for ten weeks you have £100 so therfore you can apply for a loan up to £500 and interest is very low at 1% on your balance. It is a simple form to fill in and the girls are usually on hand for any qwuestions you may have.
You can still save whilst paying back your loan for example if you deposit £10 per week £7 of this can go to loan repayments and £3 can go towards your shares.
Billiant your shares can still go up at the same time as paying back your loan.
You even get interest on your savings called a dividend and is paid twice a year at a rate of 5% on your share balance.

If you aren't a council em
ployee you can still join if a member of your family has joined and all you have to do is fill in a direct debit form for payments to the credit union.

Even if you don't know anyone who works for the council there are plenty of local credit unions and most housing schemes in Glasgow run one. I'm not allowed to jion my local credit union as you can only be a member of one and the one I am in is the largest so in my opinion the best.

It is worth checking out if there is one in your area as it is the easiest and cheapest way to obtain a loan.

Summary: