Best credit union in Trinidad & Tobago?

[DMan7]

Typical mutual funds and savings account in either Credit Union, Banks or otherwise typically give you an annual return of 1.5% to 2% maximum where the risk isn't that high. However, if you want more % then you will have to consider buying shares or putting your money in a higher risk investment account where you can actually lose money from time to time but gain alot for interest rate if things going well in the market. There's also the option of fixed deposit with higher interest rates however you won't have any access to your money for the period of the fixed deposit and who knows what happens at the end of that time if the higher interest rate of the fixed deposit will even be honored in the future.

[Rayden6]

Which is the Best And most Reliable Credit Union in T&T? for savings,customer service etc
TECU,Pscu, Eastern,SFCCU,Venture,etc...
Secondly, are Credit Unions Safe to put some savings?

In my experience credit union loans take longer to pay out than banks and carry a higher interest rate

[viedcht]

A relative had mentioned TECU some years ago, but it was before petrotrin lock up. Heard some stories afterwards about alot of members cashing out savings etc. Is tecu still a good option? So far I looking at tecu, venture, any reliable CUs from South area with some interest on savings.

[matix]

A relative had mentioned TECU some years ago, but it was before petrotrin lock up. Heard some stories afterwards about alot of members cashing out savings etc. Is tecu still a good option? So far I looking at tecu, venture, any reliable CUs from South area with some interest on savings.

Police credit union is good

[pugboy]

I just signed up with them, they are quite a busy operation
a 3 month wait for appointment to go in and signup and 3 weeks for membership approval.

A relative had mentioned TECU some years ago, but it was before petrotrin lock up. Heard some stories afterwards about alot of members cashing out savings etc. Is tecu still a good option? So far I looking at tecu, venture, any reliable CUs from South area with some interest on savings.

[j.o.e]

Used to be in TECU and everything just took long. Loan approvals etc. …. This was years ago so don’t know if it changed.
I'm with Venture now and they swift with everything and embrace technology.

[viedcht]

Thanks for all the advice fellers

[Rayden6]

Unit trust good for interest bank good for loans better interest rate with UTC shares.

[Chimera]

For the last year or more I've been helping out some padnas who lost their jobs/ couldn't work during covid by allowing them to make some small investments in my business. Like I would let them pay for a order or two of goods that I wouldn't usually bring as the profit is slower and lower than what I usually sell and would give them around 10% profit on their investment after a 3 or 4 months. Really was doing it to help out as I know many of them just have the $$$ in the bank and not getting any interest plus how they seeing hard times otherwise.

Times really hard here for most and just getting worse.

Hard to see friends suffering and knowing the $$ in the bank just going down in value/with fees

[paid_influencer]

the furniture store giving people $50,000 loan?

[VexXx Dogg]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their Debt:Service is ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their nose for it.

Predatory lending at its finest.

[hover11]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their D/S ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their urethra for it

Predatory lending at its finest.

Not really predatory as with any business they are tryung to maximize profits, as these are adults , people over the age of eighteen who have to sign a contract to the terms and agreement of such. While it is true we are not a reading population, financially illiterate ppl are willingly signing and selling their souls for money.

[VexXx Dogg]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their D/S ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their urethra for it

Predatory lending at its finest.

Not really predatory as with any business they are tryung to maximize profits, as these are adults , people over the age of eighteen who have to sign a contract to the terms and agreement of such. While it is true we are not a reading population, financially illiterate ppl are willingly signing and selling their souls for money.

Predatory in the sense that they are taking advantage of a vulnerable group.
Sure it may be legal, but....

[adnj]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their D/S ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their urethra for it

Predatory lending at its finest.

Not really predatory as with any business they are tryung to maximize profits, as these are adults , people over the age of eighteen who have to sign a contract to the terms and agreement of such. While it is true we are not a reading population, financially illiterate ppl are willingly signing and selling their souls for money.

Predatory in the sense that they are taking advantage of a vulnerable group.
Sure it may be legal, but....

Without painting the issue with personal morality or ethics, lending money at near usury rates to the people that are not likely to understand the terms and/or are not likely to afford repayment, is the very definition of predatory lending.

[pugboy]

there is a funny vid on social media if a woman with an island finance loan

[hover11]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their D/S ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their urethra for it

Predatory lending at its finest.

Not really predatory as with any business they are tryung to maximize profits, as these are adults , people over the age of eighteen who have to sign a contract to the terms and agreement of such. While it is true we are not a reading population, financially illiterate ppl are willingly signing and selling their souls for money.

Predatory in the sense that they are taking advantage of a vulnerable group.
Sure it may be legal, but....

Without painting the issue with personal morality or ethics, lending money at near usury rates to the people that are not likely to understand the terms and/or are not likely to afford repayment, is the very definition of predatory lending.

Some persons know but they don't care there is a huge difference. That doesn't take away the fact that the contract wasn't formed under duress. It was signed under their free will. Adults can't use the excuse I can't read and expect it to stand up in court.

[adnj]

the furniture store giving people $50,000 loan?

courts pivoted away from furniture long time. They making money from lending money.

BTW, the reason these smaller institutions offering high interest is because the people who going there CANNOT get loans from regular banks either because they are high risk or their D/S ratio too high. So the desperate borrowers taking the easy road to get a fast loan, but paying thru their urethra for it

Predatory lending at its finest.

Not really predatory as with any business they are tryung to maximize profits, as these are adults , people over the age of eighteen who have to sign a contract to the terms and agreement of such. While it is true we are not a reading population, financially illiterate ppl are willingly signing and selling their souls for money.

Predatory in the sense that they are taking advantage of a vulnerable group.
Sure it may be legal, but....

Without painting the issue with personal morality or ethics, lending money at near usury rates to the people that are not likely to understand the terms and/or are not likely to afford repayment, is the very definition of predatory lending.

Some persons know but they don't care there is a huge difference. That doesn't take away the fact that the contract wasn't formed under duress. It was signed under their free will. Adults can't use the excuse I can't read and expect it to stand up in court.

Your opinion points to the legality of predatory lending. I'm not discussing that. It is called predatory lending for the specific reasons that were spelled out previously.

In addition, a signed contract can, and often is, voided even if the contract was entered into willing. The legal concept is called unconscionability. That is the basis of legislation that targets predatory lenders - companies that regularly create and enter into overtly one-sided contracts.

edit: an illiterate adult can succesfully use procedural unconscionability as basis for invalidating a signed contract.

[AlphaMan]

there is a funny vid on social media if a woman with an island finance loan

Saw it.. how is island finance still in Business?

[pugboy]

because those loans tend to be in value like 10-30k which to many ppl is an "easy" figure to work with and pay regardless of how much interest they pay in actuality

[hustla_ambition101]

there is a funny vid on social media if a woman with an island finance loan

Saw it.. how is island finance still in Business?

Because some choose to live above their means, they see others with something and dont know how they got it but have to try and one up that person