SUMMARY
With rising interest rates and an ever increasing cost of living, credit ( car insurance quotes ) unions may offer a more attractive means of raising revenue than banks or credit cards. And all you need to do is become a member! Surely it can't be that easy..

Credit Unions: The Cheaper Alternative? Page 2

Author: Adrian Taylor

All you have to do is prove that you can save before any loan

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will be offered but once proven, financial assistance will be offered based on how much you can save or tailored to your individual circumstances. Paying into a credit union is also easy and can be ( car insurance policy ) done at local shops, convenient collection points, or can even be taken directly from your salary.

So is becoming a member of a credit union right for everyone? ( term assurance ) Before considering them it is worthwhile bearing the following points in mind:

Regardless of which credit union offers you the best option, you cannot simply join whichever credit union you want. You have to fulfill the requirements of the common bond or at the very least, be a close family relation of someone that does and who is already a member.

Credit unions are not just a means of obtaining cheaper loans. Although there is no fixed rule for all credit unions, generally you have to have saved with them before any assistance is offered and proved yourself to be able to save.

A credit union does not provide the convenience of the high street ( mortgage quotes ) banks as an individual union will typically have very few or sometimes no ATMs and few branch offices.

Credit unions may not offer the range of services that you can get from your local bank so check to see what is on offer before you commit. Other services such as the return of cancelled checks etc. may also not be provided. It may be worth retaining an account at your bank alongside credit union membership.

All money borrowed from or saved with a credit union must be in the name of a member and as such, no money can be borrowed in the name of your business. Even if you need money for your business you still need to borrow money in the manner of a standard member of the credit union.

If you above points do not preclude you from becoming a member of a credit union then the best way to obtain a list of the credit unions operating in your local area would be from the Citizens Advice Bureau or your local council. Alternatively there may be a credit union covering the particular industry/place of employment where you or your partner work so it may be worthwhile contacting your payroll department or trade union representative.

Although relatively small in size due to legal restrictions in place to prevent unfair competition with banks and other financial institutions, the UK credit union movement is growing in popularity and offers a real alternative to expensive bank loans or credit cards. Even if your credit rating is poor or non-existent, a credit union may be the right option for you.

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