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  • The Truth Behind Credit Unions: Busting Myths and Sharing Facts
The Truth Behind Credit Unions: Busting Myths and Sharing Facts

30 September 2024

The Truth Behind Credit Unions: Busting Myths and Sharing Facts

At Mountmellick Credit Union, we're proud of our long history of serving the community. Established in 1968, we’ve been here for generations, helping local people achieve their financial goals with a personalised, member-focused service. But like anything that’s been around for a while (and credit unions have been around for well over a century worldwide!), a few myths have developed along the way.

It's time to set the record straight and bust those myths once and for all!

Myth #1: You must be a member and saving for at least 3 months before you can apply for a loan.

Fact: Nope! You can apply for a loan the very same day you join. Credit unions were created to help people when they need it most, not after a waiting period. As soon as you’re a member, you can explore your loan options. Whether it’s a car, home improvements, or a holiday you’re after, our friendly lending team is here to help you get started.

Myth #2: You need to live in the Common Bond for at least 12 months before becoming a member.

Fact: Not at all! As long as you live, work, or study within our Common Bond area, you’re eligible to join straight away—no waiting around. Credit unions are all about supporting the community, and if you’re part of the community, we’re ready to welcome you as a member.

Myth #3: You can only borrow 2.5 times your shares.

Fact: This one is a real oldie, and it’s simply not true. Your loan isn’t tied to your savings in that way anymore. Instead, we look at your ability to repay, just like a bank would. While your shares are important, the loan amount you can apply for depends on your individual circumstances. So, whether you're thinking big or small, let’s have a chat about what works for you.

Myth #4: Credit Union interest rates are much higher than banks and other financial institutions.

Fact: Actually, our interest rates are extremely competitive. In many cases, we can offer rates equivalent to or even better than what the banks are advertising. Plus, as a not-for-profit, our focus is on our members, not shareholders. That means any surplus we make is reinvested back into better services, products, and even dividends for our members. So, not only do you get a fair rate, but you're also part of something bigger.

Myth #5: You have to do everything in person.

Fact: We love seeing your friendly faces in the branch, but we also know life can be hectic. That’s why we offer a range of digital services, including online banking and a mobile app. You can access your account anytime, anywhere.

Myth #6: Credit Unions don’t like you taking out your shares.

Fact: Absolutely false! Your shares (savings) are your money, and you can withdraw them anytime. Many members find it beneficial to take out a loan and leave their savings untouched because our loans come with loan protection insurance. But if you prefer to use your savings for big purchases, that’s your choice. We’re just here to offer guidance and support, not tell you what to do.

Myth #7: Credit Unions don’t lend to businesses.

Fact: We absolutely do! In fact, we support local farmers, small businesses, and community organisations, in addition to our personal loans. Our goal is to help the entire community thrive, and that includes backing local enterprises. So, whether you need funds for a new tractor or a new start-up, we’ve got you covered.

Myth #8: All loan applications must go to the board, and they only meet once a week.

Fact: This is how things worked in the past, but we’ve moved on. Loan applications are now processed by our on-site lending team making the process much quicker and more efficient.

Credit Unions: A Tradition You Can Trust

At Mountmellick Credit Union, we’re all about helping our members achieve their goals while offering a better way to manage their money. Credit Unions were born out of a desire to bring communities together and provide a financial alternative to banks—and we’ve been doing just that for decades. It’s not just about banking; it’s about belonging.

So, if you've heard a rumour or two about how we operate, hopefully, we’ve cleared things up. If you're curious or have more questions, pop into the branch or give us a ring. We’d be happy to help you discover all the ways your local credit union can benefit you!

Ready to join a financial institution that’s built on community, trust, and fairness? Mountmellick Credit Union is always here to help you save, borrow, and succeed.

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The Truth Behind Credit Unions: Busting Myths and Sharing Facts

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