Buy Now Pay Later Schemes: How vulnerable do they make you?

Buy Now Pay Later (BNPL) schemes have become increasingly popular over recent years. They allow individuals to purchase goods and services and spread the cost (interest-free) over a number of monthly instalments. Some retailers have their own BNPL scheme, however many use a third-party provider such as Klarna, and Afterpay. When an individual opts into…

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5 ways credit cards reduce your credit score

When used wisely, credit cards can help build a strong credit history and improve credit scores. As a result, it’s easier to get a loan. However, using credit cards for everyday and non-essential spending can lead to spiralling debt. This negatively impacts your credit score. Because of this, it will be harder to access credit.…

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How to compare loan products

How to compare loan products

When it comes to applying for a loan, whether through a credit union or a traditional financial institution, it’s essential to ensure you’re getting the best deal possible. Most people focus on the interest rate. However, several other factors can significantly impact the overall cost and suitability of a loan. Factors to consider when comparing…

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Drive lower risk loan applications with soft credit checks

For borrowers who are conscious of their credit scores, soft credit checks offer a practical and appealing solution. This process allows individuals to determine their likelihood of loan approval without negatively impacting their credit score (unlike hard credit checks). This is particularly beneficial for those with variable-rate financial products, such as mortgages, where even a slight…

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Lending trends 2024

Over the past year there has been a shift in lending risk within the credit union sector. In 2023, credit unions in Great Britain approved nearly 6 out of 10 loan applications. However, as of 31 August 2024, this approval rate has dropped, despite applicants credit risk being lower. What are these lending trends telling…

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Save as You Borrow: a unique way to build savings

When it comes to managing finances, getting the right balance between saving and borrowing is often a challenge. Many people find themselves needing to borrow money, whether it’s for an unexpected emergency, home improvement, or a special purchase. Credit unions are financial institutions that provide people the opportunity to borrow and also save at the…

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