Personal Loans - Banks & Credit Unions - Bananacoast Community Credit Union (BCU)

BananaCoast Credit Union

BCU or Bananacoast Credit Union is a regional cooperative that was founded in 1970 by several Australian businessmen who were then based in New South Wales. Their goal behind this action was to provide an alternative way of offering loans to small agricultural workers since getting these through the traditional means like banks was often difficult due to the many requirements that needed to be met.

With BCU, however, the application process is far easier and the fees are comparatively lower. More importantly, since BCU operates as a cooperative more than anything else, it means that its members are also co-owners. If you happen to be one of many BCU members, this means that you have a say on how the union gets to be run.

Providing loans to its members is a major function of the BCU. These loans range from a simple personal loan to the more complex business loans. With personal loans, BCU members can either buy a house, a car, pieces of furniture, travel to different places, even consolidate all their previous debts.

The service that BCU extends is exclusive for BCU members only. This does not mean, though, that such service is limited. On the contrary, the service is quite extensive because it covers all major bank offerings, including loans. The difference is that with BCU, the emphasis is on ensuring the continued financial security of its members rather than on making profits.

Ostensibly, profit is not a major component of the daily operation of the BCU. If it so happens that profits are generated after all expenses have been deducted, you can rest assured that, as a member, such profits will return to you in the form of better services, particularly, more affordable interest rates.

Originally, BCU started out as a cooperative for banana growers since they often had a difficult time availing of bank loans because they could offer no collateral that would serve as their security for the loan that they were applying for. This was particularly true in Australia immediately following World War II when most banana workers worked on leased land that was not acceptable as bank collateral. With the creation of the BCU, these workers found the needed financial support.