Your Community Credit Union is:
A financial cooperative
We’re a viable alternative to high street banks and other high cost lenders, with a key difference: we are owned by our members.
Financially secure
With sound and ethical governance, led by experienced volunteer directors.
Sustainable
The Credit Union doesn’t make risky investments. In fact, all of our lending is funded by our members deposits.
Supportive
… of our members during the cost of living crisis, for example by providing regular money tips.
How it works:
A credit union is a group of people, connected through membership by a ‘common bond’ based on the area they live in, the occupation they work in, or the employer they work for.
Members save together and these savings are pooled to provide affordable loans when needed at a fair and reasonable rate of interest.
Credit unions serve members, they do not profit from their needs.
Surplus income generated can be returned to the members by way of a dividend. Additionally any profit may be directed to improved or additional services for members. A dividend is payable when the Credit Union makes a profit and has already been able to allocate an agreed amount of money to its own reserves. The rate is decided by the members at each Annual General Meeting.
Savings are protected by the Financial Services Compensation Scheme.
For members looking for low cost loans:
- There are no hidden fees
- Our Save as You Borrow service helps you get started on a savings habit
- A poorer credit score doesn’t mean we won’t lend to you
- Our payroll deduction scheme makes it easy to save and borrow from your pay
