Credit Unions

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Credit Unions

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100% positive

7 reviews from the community

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Review of "Credit Unions"

published 30/10/2003 | kimberley13
Member since : 14/08/2003
Reviews : 8
Members who trust : 0
About me :
Excellent
Pro Low cost loans for regular savers, free insurance on both savings and loans.
Cons Maximum repayment for loans is 3years and car loans 5 years
helpful
Competitiveness of APR
Product package
Quality of Customer Service
Reward Scheme
Additional Charges

"Fairshare -A community Bank owned by the community"

I'd never heard of a credit union, until I changed jobs and ended up working next door to one. We are all friendly folk, so decided to go and say hello and just see what it was all about. So, we made an appointment and were made very welcome by the staff at Fairshare Credit Union in Telford. They explained what they did and that they were a local Bank for the community of Telford and Wrekin.

It costs £2.00 to become a member of Fairshare and this cost goes towards the costs of the credit union. Then you can save any amount you like as long as it is on a regular basis (for example weekly or monthly)

After saving for a while, you can get access to loan facilities to help spread the cost of something you want, for example; a holiday or christmas and you can just pay monthly for this by Direct Debit or by paying into the local branch.Interest is charged on the loan, but it's only a small amount 1% per month and your loan will be insured free, so if you die before your loan has ended, then it will be paid off.

The same goes for your savings too! You have a free insurance policy which will cover your savings. So if you die your savings will be doubled and given to your chosen benificiary. Interest dividends are payable yearly on your savings.

Now I pay my savings into Fairshare instead of my Bank because I know that I am benefitting the whole of my community and also myself.

Everyone should be a part of a credit union if they have one. Go check out your local one!

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Comments on this review

  • Markp_00 published 30/10/2003
    Great OP, sounds like a good investment to me. Marky =)
  • SueMagee published 30/10/2003
    1% a month sounds a lot to me - that's more like a credit card!
  • mouette published 30/10/2003
    I got something through the door recently. I'll go and have another look. Nick
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Product Information : Credit Unions

Manufacturer's product description

Ciao

Listed on Ciao since: 23/04/2001