Often you may find you don't have enough savings to purchase something large like a house or a new car. You could continue to save, but it would take quite some time to save for something that large. In that case, you can take out a loan. When you take out a loan with a Credit Union, you guarantee that you will pay the Credit Union the full amount back, with interest. You pay off your loan by making payments into your loans account each fortnight, or month, and over a period of years, will pay back the Credit Union in full.