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Credit Unions info

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These places have been mentioned on S/F lately and i am sure that some people on S/F would benefit by them, is there anybody that can throw light on how they work so people can asses whether they would like to join one.

Is my information correct in saying you can only borrow double the amount that you have saved.


there's a bit of info on the link.




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I've used Sheffield Credit Union before, and I have to say that they are thoroughly professional and approachable.

I think I may have had to open a savings account (I put £2 in) when I applied for my loan, but they were really helpful, and not complete ****holes like some of these pay day loan places.

I'd absolutely recommend that people speak to SCU before going to any dodgy lenders.

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We have had an acc with Sheffield Credit union for a good few years now, and we think it's a great we to save and borrow, if i remember correctly we can borrow up-to 3 times what we have saved with them , so we have £500 saved, but we could borrow £1500.00 if we so wished, we do use the facility now and again as a back-fall in emergencies or if a large appliance needs replacing etc, my wife works for the Council and the money is deducted direct from her wage, so it's money we sort of don't miss as we never really see it, but every year we are pleasantly surprised at the amount we have saved without even trying, and the loan re-payments are very low compared to doorstep collectors/payday loan type of companies, the very low re-payments are ideal for low income families

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  • 2 weeks later...

Can anyone say what sort of return is possible if you save with them (without borrowing)


I have read that credit unions can be a good alternative in these days of little/no interest on savings.


I have tried to find reports of accounts for previous years but without success.

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credit unions work as a bank for the people by the people

no great interest rates for savers but no fantastic rates for borrowers

a hell lot less than pay day companies charge

it is worth just putting a pound or two a week away

does not sound much but end of year you have fifty two pounds

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Can anyone say what sort of return is possible if you save with them (without borrowing).

They pay a dividend, but it's small. I saved over 3 years and got 1 dividend. I didn't have a huge amount in, but I supported the Credit Union so felt I should have some money there to help them.


I would say now though that if you want to save and never borrow, my advice is to look elsewhere. If you wish to save and one day borrow from them, only then is it something to consider.

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