Credit unions offer an alternative to payday lenders – not necessarily by competing in the short term loan market, but by encouraging a more responsible approach to money.
Short term loans – repayable in full plus interest within a month – are rarely truly affordable. Credit union loans are repaid in affordable instalments spread over a longer period.
· As member-owned co-operatives, a credit union’s only interest is in the financial wellbeing of its members – not maximising profits for external shareholders and investors.
· A credit union will offer a loan appropriate to your circumstances which you can really afford to repay.
· The best way to get a fast loan from a credit union is to join today and start building up a savings habit.
· Credit unions can help you plan for future expenses. Now is a good time to start saving for summer holidays or Christmas 2014.
If you have any questions or wish further advice about joining Scvo Credit Union please email thomas.mcvay@scvo.org.uk
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