News / Dundee by Jon Brady July 28, 2018, 6:05 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter When money runs out and it’s a long time until pay day, it can be hard to know where to turn. Banks and building societies can prove a closed door and payday lenders offering a quick fix in exchange for exorbitant rates could prove the road to ruin. But for the last 15 years, the Discovery Credit Union (DCU) has been lending a fair helping hand to those hard-up or simply looking to save for a rainy day. In that time, the community-rooted financial service has issued more than 20,000 loans worth nearly £12 million to a total of 9,182 members. Originally set up in community halls across the city in September 2003, it now has a permanent home in the Central Library, from where it continues to be run by a volunteer board of directors and a small number of paid staff. DCU was set up in response to the fact that one in 10 Dundonians in the … [Read more...] about Award-winning ‘ethical’ Dundee credit union celebrates 15 years
Community west credit union
When people look for places to invest their money and handle their finances, their typical options are banks and credit unions. While the Credit Union National Association reported more than 100 million members in 2017, many still aren’t familiar with how a credit union works or the many benefits associated with membership. Credit unions are nonprofit entities that offer services similar to those offered by banks. The difference is that they are member-owned cooperatives that exist for the benefit of their stakeholders; unlike for-profit financial institutions that exist for the profit of their shareholders. As such, credit unions can offer their members higher interest rates on savings accounts and lower interest rates on loans and credit cards. In that regard, if you have a high-interest credit card, you can transfer the balance to a credit union for a much lower interest rate credit card, according to CUNA. Plus, credit union credit cards also offer rewards programs like bank … [Read more...] about Why join a credit union?
A credit union is pointing out that safe saving and affordable loans are available to residents and workers in West Cheshire. The West Cheshire Credit Union says it provides the services to the community particularly those who are unable to access mainstream products. They are said to be a ‘practical solution’ for people who want to save money or need to borrow at more affordable rates with locations in Winsford, Ellesmere Port and Chester. The not for profit community based organisation, which started in 2004, can be a life line for many residents in the borough who have limited or less than perfect credit history and are unable to access mainstream financial services as a result, it explains. It is often these residents who are at risk of falling prey to the ‘extortionate costs’ of doorstep lenders, payday loans and, in some cases, loan sharks. In these circumstances a credit union can offer a real alternative it suggests. In 2015 Cheshire West and Chester … [Read more...] about Credit Union helps people avoid falling prey to doorstep lenders
A Liverpool credit union is expanding its operations as more and more Merseyside families find themselves in financial hardship. A range of pressures, including the switchover to new government benefit Universal Credit, as well as the generally challenging financial situation many families across the city find themselves in, means that credit unions are once again emerging as an option for families. Now one based in the city, Norris Green Credit Union, is expanding in to a new premises in West Derby Village. It will become Liverpool Community Credit Union when it moves its new site in West Derby Village on 8 June. What is a credit union and what does it offer? A credit union is basically a cooperative that lends money - unlike conventional banks they are owned by and run for their members. Members also have rights they don’t have with a normal bank. Any member can inspect the union’s account, stand to be on committees, loan money and attend meetings. Norris Green Credit … [Read more...] about What are credit unions and why are so many Mersey families now relying on them?
Your credit score. What exactly is it and what does it mean? Basically, it’s a three-digit number generated by a mathematical algorithm using information in your credit report, according to Bankrate. That number is used by credit institutions to predict whether or not you are a good credit risk. In other words, whether you will pay your debts. The overwhelming majority of lending institutions use the FICO credit score to determine your risk. The FICO score ranges from 300 to 850. The higher your score, the lower your risk, and the more likely you are to be approved for credit, get a lower interest rate on loans and credit cards, or be approved for a mortgage loan or for apartment rental and utility connections, adds Bankrate. Your credit score is determined by the information in your credit report, including credit history, payment history and the amount of your debt. The following breakdown from FICO.com shows how each of these impacts your score: Payment history: (35 … [Read more...] about What does my credit score mean?