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Marie Christie

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Review of the Glasgow Credit Union, Loans:

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A safe saving option plus a safe, secure affordable lending option.

Having worked in the voluntary sector I was aware of the pressures people were under financially and the horror situations they found themselves in when forced to turn to illegal moneylenders and/or extortionate interest rates using payday loan companies and their like. People who were excluded from bank accounts due to past history or perceived as poor creditors had nowhere else to turn meaning the poorest in society were forced to use the highest interest options going. Out of this came Credit Unions which helped break the vicious cycle of unaffordable debts. Glasgow Credit Union provides a service open to all. They have a positive affordable lending ethos along with a safe, secure savings account. There is no high interest lending with additional interest piled on through the lifetime of the loan. At the outset the terms are given so borrowers know exactly what they have to budget for. Savers are also given a guarantee that their savings are secure and underwritten. They know their savings are used in part to provide loans to other members so not only are they saving money they are also helping to ensure people who are targeted by the high interest rate lenders have somewhere else to go. I was a member of a former credit union that sadly had to cease trading so can confirm that savings are secure. I received a cheque for the full amount of my savings and immediately opened an account with Glasgow Credit Union. Reviewed on: 1st July 2022

Review of the Glasgow Credit Union, Savings:

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Excellent way to save

My previous credit union closed and I needed another. GCU was ideal. I am kept up to date on all aspects of the credit union by email which suits me. One bonus, if it could be called that, of my previous credit union failing was having all of my savings returned to me in full. It certainly counted when I was comparing service providers. I had every confidence in the way credit unions are regulated on behalf of it's customers. It is far too easy to fall into a spiralling debt with loan-sharks, payday loan companies and others who charge exorbitant rates of interest, tying people down for years with no end in sight. Credit unions are the ideal way to combat this. They provide a much needed local service people can trust and rely on, especially for people who are unable for various reasons to have/open a bank account. Glasgow Credit Union are definitely worthy of first place in this competition for the work they do in the community. Reviewed on: 9th August 2021

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