Saturday, February 6th, 2010
Can you borrow from a Credit Union with a really bad credit rating?
LadyMoonlight!! asked:
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4 Responses to “Can you borrow from a Credit Union with a really bad credit rating?”
Caleb Q Says:
February 8th, 2010 at 9:22 am
February 8th, 2010 at 9:22 am
it would depend but the chances of getting rejected is pretty high. if you know anyone from, you could try and talk to them so that you’ll get better chances on getting approved.
Dr.John L Says:
February 9th, 2010 at 3:09 pm
February 9th, 2010 at 3:09 pm
It depends on how bad, but it’s easier than in commercial banks
Peter17 Says:
February 12th, 2010 at 6:24 pm
February 12th, 2010 at 6:24 pm
UK Advice Only
Credit Unions are set up for people who have little spare income and work by that person paying a small contribution into a fund on a regular basis (weekly/monthly).
When a certain level of savings is achieved, that person is able to borrow up to a certain amount, and usually slightly more than the amount, of the money paid in. Interest is then paid on the amount borrowed.
They are set up to help people with low incomes / poor credit history – so the answer is – yes you can.
Read more about Financial Exclusion at the association of British Credit Unions’ website here
Best wishes
Peter
February 7th, 2010 at 5:12 pm
Probably, but you have to be saving with them before you can borrow and you can only borrow a multiple of your savings.