What are credit unions?
Credit Unions are not-for-profit financial cooperatives offering safe savings and affordable loans to their members. Credit Unions are run by the members for the benefit of the members and because it is a financial cooperative any profit made by the credit union is given back to the members in the form of a dividend.
How do you become a member with the credit union?
Simply complete a membership application form and return it to us with copies of your ID and proof of address
What is the maximum I can borrow?
£7500 over your share balance.
How does the credit union decide on amount for member’s loan?
The member chooses the amount of the loan the committee then decide if the member is capable of paying back the loan. If not the committee may then offer a smaller loan.
What is the maximum a member can withdraw from their savings?
All of their shares, however you must leave £1.00 in your savings in order to keep the account open.
Can members withdraw any shares if they have an outstanding loan?
Shares in your savings account may not be withdrawn until the outstanding loan is less that the savings value, at which time the difference may be accessed.
What is the maximum you can have in your shares?
Is my money safe?
Yes. Members savings are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.
If my savings are called shares does this mean they are used on the stock market?
Can Members receive statements?
Yes, statements are sent out annually, however we will send out statements in between times upon request.