It has emerged today that credit unions are booming at the moment as people are being denied loans and mortgages at banks. People are being regularly turned down so have now turned to credit unions to help them out. Banks are simply tightening their lending rules which prevent people from gaining access to funds that they so desperately need.
Credit unions are a life line for some people. A couple of weeks ago a case arised where somebody was paying back a loan and had an annual rate of interest of 1430%. They went to the credit union and were helped out.
Credit Unions are also helping small businesses with their finances. A lot of new companies will not get the support of their banks during this time and are therefore turning to credit unions that are helping them finance ideas and their running.
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