As an additional service to finding you a loan we may also be able to recommend a suitable Credit union for you, for a longer term financial solution.
A Credit Union is a profit sharing, democratically run financial co-operative of people. Members of a Credit Union will save regularly and in return, are able to borrow money at a very low APR. The members are connected by what is called a common bond, this is something that ties them together, it could be living in a certain area, working for a particular employer or belonging to a club or association. There is no restriction on membership apart from the common bond; therefore you do not need a specific credit score or employment status.
A new member is required to save for a period of time, usually around 12 weeks, before they are eligible to borrow money. The amount of the loan will also more than likely be tied to the volume of savings held by the member.
Credit Unions are an easy and convenient way to save and borrow money.
Although there is a minimum savings levels you will have reached before you can borrow money, the loans available do have a very low APR. This makes Credit Union loans one of the best value solutions available, providing you are not in a hurry for the money.
Also, Credit Unions often offer additional insurance at no direct cost to the applicant. This is usually life insurance proportional to your current savings as well as loan protection insurance to cover your loan.
Credit Unions are open to anyone, regardless of status, who is part of the common bond required by the Credit Union. It is a great option for an applicant looking to borrow a relatively low amount of money without the need for an immediate payout, as it will take several months of savings before the applicant can take a personal loan.
Loanfinder UK can help you find a Credit Union to suit your situation, to apply for our loan finding service please complete the application form at the top of this page.
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