‘The credit union allowed me to actually graduate’ – This is one of a thousand ways a credit union has helped. A credit union car loan helped Jonathan in this way.
Completing his masters course
Jonathan, a Masters’ student, was working part-time whilst attending university. He was a hard-working student and his graft was rewarded with a conditional job offer. He needed to graduate to take up the job offer.
Jonathan relied on his part-time job to cover his tuition fees. Unfortunately, he had to leave this job due to breaking his hand. Although Jonathan received a student loan it was not enough to cover all of his expenses. The injury caused John to fall into arrears in his tuition fees.
Johnathan faced finacial struggles
The university threatened to terminate Jonathan’s studies due to missed payments and piled on additional late payment fees. Without financial help, all the time and effort he had put into university could have been for nothing. Because he would not have been able to graduate.
At first, Jonathan looked towards friends and family but he deemed the sum too much to borrow. His second thought was the bank; though he did not receive a loan they did give him invaluable information, they told him about credit unions.
Getting his credit union car loan
Johnathan was unfamilair with credit unions; he knew nothing about our mission to provide ethical finance. With a little research, he understood the benefits of a credit union and Jonathan joined his local credit union, South Manchester Credit Union. John applied for a loan to cover his outstanding fees and a reliable car for his work commute. Johnathan had a personal interview and we considered his personal circumstances when making the desicion. John found the loan process straightforward and repayments were agreed at an affordable level. He was delighted to be able to move forward with his life.
We took his financial strain, providing Jonathan with an opportunity that he would have missed out on. He did not know if he if he was going to finish his Masters and fortunately, his credit union was there to provide the support he needed.
A credit union car loan is just one example of what credit unions have to offer. Credit unions are more well known in other parts of the world – for example in countries like Canada, Mexico and Ireland. With increased awareness we can make a real difference here in South Manchester, spreading the word about how we offer relationship – based lending that treats people fairly and with respect.
