If you’re currently in the process of shopping for a loan, you might want to apply for credit union loans. They offer an alternative method to traditional borrowing from banks, building societies and direct lenders and operate a little differently. Personal Loans Now are a responsible lender, so we want to be sure you understand all your options when making any type of financial commitment.
Credit Union Loans UK
What is a Credit Union?
Credit unions are community loans and savings cooperatives, in which members combine their savings to lend to each other and run the credit union. They are community organisations owned by and run for the members who utilise their services. Members must have a ‘common bond’ so they could live in the same area, work for the same employer or work in the same industry. Because the organisations are not-for-profit, instead of giving extra money to shareholders, any profits go towards improving the services offered to their members and rewarding them.
Credit Unions are regulated by the Prudential Regulatory Authority and the Financial Conduct Authority, who also regulates us. Any money put into a credit union is protected by the Financial Services Compensation Scheme, whereby the limit of compensation should ANY bank, building society or credit union went bust is £85,000 per person. Because of this, most credit unions won’t let you save more than £15,000 as they don’t have the same resources available to them as high street banks do.
Should I consider Credit Union Loans?
When it comes to credit union loans UK lenders often beat their rates on the cheapest personal loans, but they are competitive. At Personal Loans Now, we are making lending fairer for more people in the UK. As a competitive authorised lender and premium brokerage service, we’ll try our best to find you the best personal loans available to you. If we can’t lend you any money directly, we’ll use your initial application to help you find another lender who might be able to provide you with credit.
If you’re struggling to find a personal loan with bad credit, you might want to apply for credit union loans. These cooperatives usually offer more affordable rates of interest for people with an adverse credit history, much like doorstep loans. Remember, you have to be a member of a credit union to apply for a loan with them, and in order to do this, you must share a ‘common bond’ with the other members.
Credit Union Loans Apply Online
You can apply online for a credit union loan in some cases but it’s a slower service. This might not be the best option if you need cash fast. With Personal Loans Now, we can provide you with an instant decision and same day cash if you’re approved. Apply today!
As with any loan, always make sure you know what you’re getting yourself into. Make sure you can keep up the repayments you’ve committed to and never take out more than you need or can afford to pay back. If you feel like you need help with your finances, contact a debt advice charity for personalised and professional guidance.
Apply now for personal credit and get an instant decision!