A Credit Union may not offer the convenience of a high street bank but they are there purely to serve the interests of their members and not shareholders. Members can either save or borrow money, regardless of bad credit. Only small loans are offered, but the rate of APR is lower and making regular, punctual monthly repayments can help to rebuild credit. The problem is that Credit Unions are not extensively advertised so knowing how and where to find one is an obstacle that needs to be overcome.

Borrow Money with a Bad Credit Rating

Missed or late payments will cause a bad credit rating, which can make it difficult to borrow money from a bank. Joining a Credit Union may mean that a member is able to get a small loan, provided affordability can be proved. This will help to rebuild credit. It could mean that other mainstream sources of credit are available in the near future.

Why Join a Credit Union?

• Small loans. Members can borrow money to help with emergencies, such as paying the rent.
• Affordability. A small loan won't be provided if it is likely to exacerbate financial difficulties.
• Save money. Members can save money at an attractive rate of interest.
• Member interests. They work purely for the interests of their members, not shareholders.
• Support. Help and financial advise is provided without charge.

Ways to Find a Credit Union

• Work.The majority of consumers join through work as Credit Union members form as a result of a shared, collective interest. For example, working for a specific company (XYZ trading Ltd) or being a member of a certain profession (teaching).
• Religion. A church, synagogue or mosque may have established a Credit Union for its members. Try asking there as this will help in terms of eligibility.
• Family. It may be possible to join if a close relation is a member. For example, having a brother or sister who is a teacher may be an excellent route in.
• Online search. The Credit Union National Association web site has a search facility. Consumers can perform a search based on city, zip code or state.
• Call. The Credit Union National Association can be contacted on (703) 518-6330. A representative will perform a search on the callers behalf and advise accordingly.

Consumers with a bad credit rating may be able to get a small loan from a Credit Union, provided that they are able to prove affordability. Choosing to borrow money not only helps to rebuild credit, it also means that a consumer benefits from a lower rate of APR than would be possible through a pawnbroker or Payday loan.

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