Banks are not the only source of financial support available to us, but they don’t like you to know that. There are other ways to manage your money, savings and loans. I’m not recommending shonky loan brokers like Wonka – there is a reason social groups and now the government want to shut them down. But, consider options like credit unions – credit unions are not widely used in England, however in countries such as Australia they are well-known and offer a great alternative to banking for most people.
Most modern day credit unions come out of a community organisation, such as a church or trade union, where members would by a share for a small amount which would allow them to use the union services. These days the requirements to belong to the particular group no longer exist, any one is able to join and access a range of services similar to a bank, and the credit union is subject to the same strict financial controls. But, the real benefit of a credit union is that as they run as a non-profit organisation they can often offer better terms that the high street bank. Most will offer personal loans and mortgages, so they are definitely worth considering. Read this article for more information.