08:18 09 October 2013
Credit unions are an alternative to the financial solutions available on the small lending market segment. This may be the right solution in some cases, but may prove to be unprofitable or simply not efficient for others. Here is why and how to save or borrow through credit unions:
There already are some 400 credit union across the UK, and the Government expects the general membership to increase significantly. Credit unions are successfully used in other European countries in order to challenge the regular payday lenders.
You can check online to see what credit unions are available near you, but you will have to talk to the representatives to see if you are eligible to join it. Keep in mind that all contributors are encouraged to save rather than borrow, and also that this is only a small lending solution.
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