Can you borrow from a Credit Union with a really bad credit rating?

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Can you borrow from a Credit Union with a really bad credit rating?
Probably, but you have to be saving with them before you can borrow and you can only borrow a multiple of your savings.
Reply:UK Advice Only





Credit Unions are set up for people who have little spare income and work by that person paying a small contribution into a fund on a regular basis (weekly/monthly).





When a certain level of savings is achieved, that person is able to borrow up to a certain amount, and usually slightly more than the amount, of the money paid in. Interest is then paid on the amount borrowed.





They are set up to help people with low incomes / poor credit history - so the answer is - yes you can.





Read more about Financial Exclusion at the association of British Credit Unions' website here http://www.abcul.org/page/about/financia...





Best wishes





Peter
Reply:it would depend but the chances of getting rejected is pretty high. if you know anyone from, you could try and talk to them so that you'll get better chances on getting approved.
Reply:It depends on how bad, but it's easier than in commercial banks