Credit unions get personal

Big banks don't like personal loans, they are small and you can't make a lot of money and there is no security offered. So it's good to have a customer-friendly alternative for those car loans and other unsecured loans.
As the banks losses in other areas start to sink in, banks and other financial institutions have become increasingly reluctant to provide certain types of loans, pulling back on marketing unsecured finance - personal loans and credit cards to get the balance of risk and return redressed.
If you are looking for a loan to finance a car, renovate the home or an overseas holiday, you might have to be prepared for some legwork.
Recent figures show consumer lending has slowed dramatically in recent months. This trend results from a combination of factors including consumers tightening their belts and reducing their borrowings and lenders tightening their lending criteria.
In one example, the Queensland insurance and banking group Suncorp reported its consumer lending business was down more than 6 per cent in the September quarter.
The trend is evident across the industry. Reserve Bank figures show personal lending fell in each of the five months from June to October, a level of weakness that has not been seen for 15 years.
One group of institutions still open for business is credit unions. Their executives believe the times suit the way they do business, providing member services at reasonable cost.
Queensland Police Credit Union executive manager corporate services, Stephen Howell, says: "The credit union sector has been relatively undamaged by large jumps in bad debts the banks have experienced. It is business as usual for us."
SO if you are looking for a personal loan, try your friendly credit union.