kidley Posted March 13, 2013 Share Posted March 13, 2013 Hi 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. http://www.sheffieldcreditunion.com/index.php?id=8 Link to comment Share on other sites More sharing options...
BLADE8T1 Posted March 13, 2013 Share Posted March 13, 2013 I used Commsave when I was with Royal Mail,and it worked great for me. Link to comment Share on other sites More sharing options...
Jenni G Posted March 13, 2013 Share Posted March 13, 2013 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. Link to comment Share on other sites More sharing options...
kidley Posted March 13, 2013 Author Share Posted March 13, 2013 Great stuff guys ime sure this will help some people. Link to comment Share on other sites More sharing options...
hotrock Posted March 13, 2013 Share Posted March 13, 2013 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 Link to comment Share on other sites More sharing options...
Minimo Posted March 23, 2013 Share Posted March 23, 2013 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. Link to comment Share on other sites More sharing options...
ChrisT70 Posted March 23, 2013 Share Posted March 23, 2013 first group and others use Transave which is growing, they do loans at around 3% to employees and family i believe. great idea, why should the thieving bankers rip everyone off. Link to comment Share on other sites More sharing options...
juniee Posted March 23, 2013 Share Posted March 23, 2013 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 Link to comment Share on other sites More sharing options...
Minimo Posted March 23, 2013 Share Posted March 23, 2013 Thanks Juniee. Sounds like I might as well leave my money where it is. Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted March 23, 2013 Share Posted March 23, 2013 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. Link to comment Share on other sites More sharing options...
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