FAQ

What is a Credit Union?

A credit union is a financial organisation that encourages its members to borrow and save responsibly. We provide an alternative service to banks, building societies and high-interest loan providers. We encourage you to save what you can and borrow only what you can afford to repay.

How can you benefit?

As a member of a credit union you can benefit from:

  • Easy, convenient and secure ways to save
  • Access to loans that you can afford to repay through flexible payment plans
  • Access to guidance and support to help you take control of your money
Who are they for?

Everyone! If you are unable to access ordinary bank loans, products and services we can help. We provide local financial solutions and can provide a real alternative to pay day loans or doorstep lending.

How do they work?

You make regular savings which are used to create a pot of funding which is used to lend to other members. Once you have been saving for a set period of time you can apply for a loan which includes an interest charge. The interest charge helps to pay the credit union’s running costs. Some credit unions are able to pay dividends or interest on savings to their members.

What do I need to join the Credit Union?

Have a look at the ‘How To Join’ page and download the form. Complete the application then email it to us or print in and pop it in to us.

How do I know my money is safe?

We are authorised and regulated by the Financial Survices Authority. Members’ individual savings are protected under the Financial Services Compensation Scheme, just like banks and building societies.

What makes Credit Unions different to a bank?

We provide an alternative service to banks, building societies and high-interest loan providers. If you’re struggling to get a loan through a bank we may be able to help! We reward out members directly, through the payment of a dividend or interest where possible rather than paying shareholders.

How do I get access to my money?

A range of collection and payment methods is available to enable you to access your money as and when required. Contact us for more information.

What are the benefits of getting a loan through the Credit Union?

As a member of the Credit Union you enjoy the benefits of no arrangement fees, no penalties, for early repayment of your loan, daily interest calculations, easy application processes and rapid decision making.