Question:

Shalom, I am in a situation of getting a mortgage on my house and a broker brought me a offer from a Credit Union which has very good rates, and was concerned regarding there being a question of Ribbis being that the money they lend out are from other members depository accounts and I am sure some members are Jewish, vs a conventional bank that the money being lent out belongs to the bank??

Thank you

Answer:

Borrowing money from a credit union is problematic without a heter iska. Please see the following post http://dinonline.org/2016/03/01/credit-union-loan/

Also קול קורא - credit union (002) רב שלמה מילר

 

Tags: credit union Ribis

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