A Credit Union is a profit sharing, financial co-operative which offers savings and low interest loans to its members. The members own and manage the credit union themselves, members save in to a ‘common fund’, this allows them to provide loans to members at very low rates of interests. Like banks and building societies, credit unions are regulated by the Financial Services Authority so you can feel confident that your money is safe.

Who can join a Credit Union?

Recent changes to the Credit Union Act has allowed credit unions to extend their membership and work with organisations such as housing providers, employers and charities to bring financial services to new groups of people.

Why is this a good thing?

Credit unions aim to help you take control of your money by encouraging you to save what you can, and borrow only what you can afford to repay. Using a credit union also helps the community or workplace you live in by making more credit available to those around you. Credit unions are ‘not-for-profit’, so the money within them is only used to run the services and reward the members, not to pay outside shareholders, like most other financial institutions.

How can I get more information?

To find out more about your local credit union log on to www.findyourcreditunion.co.uk or call 0800 015 3060