Loans -
Credit Unions provide alternative sources for funds - 05/05/2008
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Customers that have been looking for loans, from banks and lenders, have had to face higher costs of borrowing, due to the credit crunch.
Along with a more stringent criteria, for choosing, who can be given loans, the average person will find it even more difficult to secure the finances that they require.
Various sectors in the finance industry have been effected by the credit crunch, which has drastically suppressed the level of borrowing. However, some have seen credit unions, which as a positive alternative for people struggling with securing finances.
Lucia Webster, Head of Membership Services at the Association of British Credit Unions, (ABCUL) said: “Credit unions offer a great alternative to money shops and payday loans, for people needing small loans over relatively short periods. I would recommend that anyone needing a small loan first looks to their own bank or building society or credit union for a loan, rather than using doorstep lenders or money shops, if they want a good deal.
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