I had a random look at the credit union loans taken by members for the last 30 days. I guess I was curious as to what our members are doing this time of year? Well, as you can see from the list; holidays, home improvement (and moving home) loans along with car loans are top of the charts with debt consolidation and weddings coming in at 3rd and 4th slot.
I suppose holidays are an obvious first member choice as minds turn to sun, sea and sangria around about now. Since I’ve joined the credit union I’ve been impressed with the way many of our members use the credit union as a way of guaranteeing an annual family holiday. I spoke to a CIS worker last week who told me, “I took my first credit union holiday loan ten years ago, and that was to Majorca with my husband and two daughters. It was the first time any of us had been abroad for a holiday, or even on an aircraft. Since then I saved £75 every month, every year, and that guarantees us a holiday abroad plus I’ve now got over £3,000 in credit union shares (savings) and previously I’ve never saved a penny in my life before.”
Give me a call if you want to set up a similar holiday fund for your family.
Enjoy the sunshine, Linda Edwards.
Popular reasons for loans are as follows: Holidays (32); Car/Van/Motorcycle (31); Improve and Move (28); Consolidation (13); Weddings (9); Education (4); Legal (1); Season Ticket (1).