credit union the cheapest place

tali122 | 00:40 Mon 06th Nov 2006 | Personal Finance

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is a credit union the cheapest place to borrow money from?

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Ethel

Normally - yes!

But shop around for best deals if you are able. There are some very low costs available at the moment, and some good credit card deals too.

Some good unbiased advice here:

http://www.moneysavingexpert.com/cgi-bin/viewn ews.cgi?newsid1099314935,42333,

aristotle

It really depends on how much you want to borrow.
Credit Unions usually don't lend large amounts - I think the maximum is �5,000 and most loans are under �1,000. For loans at the lower end, banks usually charge much higher than the headline interest rates. Remember also that credit unions charge interest on the balance oustanding at the end of each month (max 2% but usually only 1%) not on the total borrowed as banks do. This makes comparison of APR difficult. Also there are no charges for early repayment.
To find if there is a Credit Union available to you go to www.abcul.org .

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