low cost loans

Henwin

Who are the best when it comes to farm low cost loans at the minute, need about 40,000 for farm machinery.

jntsnk

Our local credit union do very competitive rates. Say you could do a deal with them, heard our one is dying to lend out money , the man on the street isn’t buying any cars or hse extension loans, so business is quite

whelan2

I dont think the banks like doing machinery loans they prefer you to go for a lease afaik. Btw our local credit union are charging 10% interest atm

Buford T. Justice XIX

jntsnk wrote: »

Our local credit union do very competitive rates. Say you could do a deal with them, heard our one is dying to lend out money , the man on the street isn’t buying any cars or hse extension loans, so business is quite

Do you have to have a certain level of savings in the Credit Union before you can get a loan?

declanflynn

Henwin wrote: »

Who are the best when it comes to farm low cost loans at the minute, need about 40,000 for farm machinery.

Didnt the government announce 'future growth low cost loans' that small businesses including farmers can apply for?

jntsnk

Buford T. Justice VI wrote: »

Do you have to have a certain level of savings in the Credit Union before you can get a loan?

No that’s all gone. Just need your previous 3 yr accounts and 3 month bank statements, something like that anyways

Manorpark man

declanflynn wrote: »

Didnt the government announce 'future growth low cost loans' that small businesses including farmers can apply for?

Yes was talking to bank rep today about it 4.5% interest

Bass Reeves

whelan2 wrote: »

I dont think the banks like doing machinery loans they prefer you to go for a lease afaik. Btw our local credit union are charging 10% interest atm

10% is crazy. Credit unions have completely lost there ethos. When they were set up 40+years ago there ethos was to.provide affordable loans to people. At the time interest rates for small and medium size loans by banks were from16-25% credit unions charged 12%/year. Yes you had to have 25-30% on deposit but you were paid a decent return at or above bank rates at the he time 4-6%.

Now they are neither here nor there. From about the 90's on they list there ethos. First they became more interested in paying high deposit rates and got loads of money on deposit. This has become a chain around there neck as they are unable to lend it all(they even fail to lend the allowable percentage they are legally entitled to). From the 90's they became obsessed with buying and constructing new offices.vthey have left there costs go completely go out if control. Now they have fancy offices, fulltime time staff, loads of money on deposit and there reason for existing to provide cheap credit has disappeared. They are now more expensive than banks and other lending institution's

whelan2

The laughable loan is you can borrow the same amount as you have in your shares for 8% using your shares as deposit. What's the point

coolshannagh28

Bass Reeves wrote: »

10% is crazy. Credit unions have completely lost there ethos. When they were set up 40+years ago there ethos was to.provide affordable loans to people. At the time interest rates for small and medium size loans by banks were from16-25% credit unions charged 12%/year. Yes you had to have 25-30% on deposit but you were paid a decent return at or above bank rates at the he time 4-6%.

Now they are neither here nor there. From about the 90's on they list there ethos. First they became more interested in paying high deposit rates and got loads of money on deposit. This has become a chain around there neck as they are unable to lend it all(they even fail to lend the allowable percentage they are legally entitled to). From the 90's they became obsessed with buying and constructing new offices.vthey have left there costs go completely go out if control. Now they have fancy offices, fulltime time staff, loads of money on deposit and there reason for existing to provide cheap credit has disappeared. They are now more expensive than banks and other lending institution's

They are now essentially a payday lender feeding off the most uncreditworthy whose alternative is the moneylender , they need leadership which can guide them back to their original purpose.