Credit Union Near Me
Whenever you are in need for quick or small loan, the first search you must do is find your local credit union first.
Credit unions offer a lifestyle saving and lending system which encourages people to save while borrowing which leads to financial stability with time. Find you local credit union and learn more about how it works.
We always struggle to save money when we are on low income. Whenever we try to set aside a little bit, we end up using them shortly after. Pity.
What is better to do is automating the process, out of sight, out of mind. How much do you need to borrow? Start from that point is you are struggling to set an amount in saving. Let me explain:
To the right you can see an example of someone borrowed £500 over 12 months, they pay in £60 towards the loan and part of it goes to saving. When we underestimate how much saving that can turn up to be, after one year, they saved £167.47. You see, this amount has been saved while repaying the loan. Of course, it is not locked saving and you have access to that at all times.
The good news is that if you needed to borrow more, you can do that after minimum 3 months, like in the example, this person applied for a £500 top up. The first loan account is paid off from the top up, be closed/settled and a new loan account opens. On top of that, it boosts your credit score.
When months go by, the £60 is never missed but the results are worthy.