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I notice the local Credit Union is advertising their loans on the front of a local newspaper. Strap yourself in and I’ll tell you why this is a good idea if you have to borrow. It’s a Saturday lockdown 
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As a debt adviser I have regular dealings with Credit Unions. Most people in their life will have to borrow money. There is good debt and bad debt. Good debt is when you use debt well to purchase larger items that you need. Bad debt is debt you can’t afford to sustain.
A credit union is both a great place to borrow and to save. It has the same protections as a normal bank and you have peace of mind that it’s run by community members for the community. You also get some great perks and insurances.
When you borrow from the credit union you know the interest you pay, helps those in the community. Not only that, it’s law that they can only charge a max of 1% a month (NI). While you may be able to find a cheaper personal loan, there is an incentive to choose a CU loan.
When you take a loan out with a normal bank etc. They work out the interest at the start and that’s taken, spread out over the life of the loan. The CU is different, the interest is worked out on the reducing balance. This means less interest over the life time of the loan.
This is an advantage if you make more than one payment a month, or want to pay off more when you have the money. With every month that passes, you pay less interest and more off the actual loan amount.
You start off paying less per month and you pay less overall. I looked at £12000 over 4 years and there was a saving of £54 a month (if you never paid any extra).
If you don’t need it, maybe you don’t need to borrow, but for purchases that require credit, it’s worth looking at the local Credit Union :-).
