Most credit unions can lend for as much as 5 years on an unsecured mortgage and up to ten years on a secured mortgage . There are no hidden costs with credit union loans and no penalties if you repay the loan early. Instead of paying a revenue to shareholders, they use money they make to reward their members and improve their services.
- We explain tips on how to find a credit union, how they maintain your money secure, and when you need to use them.
- Credit unions offer an alternative choice to traditional banks and constructing societies for saving and borrowing.
- It’s worth checking the savings charges provided by your native credit union – you may find they beat these provided by excessive street banks and constructing societies.
- Many credit unions are professionalising, having moved away from the man and his ledger in the church corridor amassing