Why work with a Credit Union?

Why work with a Credit Union?

There are lots of reasons that are great join a credit union
  • Credit unions save you regularly, borrow responsibly and keep an eye on your money.
  • Credit unions allow it to be an easy task to save – also an amount that is small every week will soon mount up.
  • Many companies have actually partnerships with credit unions which enable staff to save lots of and repay loans direct from payroll.
  • As co-operatives, credit unions share their earnings using their people. This can indicate savers will get a dividend on the cost cost savings every which could be as much as 3% year.
  • Credit unions provide affordable loans, which could consist of reduced term loans of the few hundred pounds to much bigger loans for breaks, purchasing a motor automobile, house improvements and on occasion even a home loan.
  • Credit unions tend to be in a position to provide credit to individuals whose circumstances might suggest they find it difficult to get payday loans in Longview IL that loan off their loan providers.
  • Credit unions provide extremely competitive prices on loans of all of the sizes. For smaller amount loans, interest on credit union loans is often far lower than that charged by home lenders and payday lenders.
  • All money conserved in a credit union is protected because of the Financial solutions Compensation Scheme as much as the worthiness of ВЈ85,000 per person – exactly the level that is same of as cost cost savings in a bank or building culture.

Simply how much could a credit union help you save?

Joining a credit union

To be a credit union user, you will need to go to or phone your selected credit union to ensure just exactly what information you will need to participate, they are going to additionally help you associated with joining procedure as this could vary between credit unions.

Numerous credit unions will have a site, with a growing quantity now additionally offering online application services for loan and cost cost cost savings records, plus online banking and account administration solutions via internet sites and mobile apps.

Anybody can registered as a member, you must share a ‘common bond’ with other users such as for instance:

  • Real time or work with the exact same area
  • Work with the exact same boss as other users
  • Participate in the church that is same trade union or any other relationship
  • Organisations, in addition to individuals, can join up now

You can make use of this website to look for a credit union, according to information that be important to you personally, such as for example house postcode, the business you benefit, particular organisations or associations that you might fit in with etc.


All money conserved in the Financial protects a credit union services Compensation Scheme. With them these are protected up to the value of ВЈ85,000 if you have savings

Credit unions are authorised by the Prudential Regulation Authority and controlled by the united kingdom Financial Conduct Authority.

You’ll deposit cost cost savings at neighborhood branches, stores, collection points, by direct debit or straight from your own wages. Accessing your hard earned money usually takes the type of a present account card or pre-pay card but as credit union services vary you really need to speak to your plumped for credit union right to get more information.

Each credit union possesses its own rates of interest and that means you should contact your chosen credit union direct to talk about in detail.

Everyone can registered as a member, nevertheless you must share a bond’ that is‘common other users such as for example:

  • Real time or work with the area that is same
  • Work with the employer that is same other people
  • Participate in the church that is same trade union or other association
  • Organisations, along with people, can now link up