In order to use a credit union, you must first become a member. They are owned and managed by their members, on a not-for-profit basis.
With a Credit Union, you can save as little or much as you want, and they have some local service points or you can set up a standing order.
As a member, you can also apply for a loan. Everyone is considered, even those who would normally be turned down for a loan by a bank. The interest rates can be cheaper than other lenders and the repayments are tailored to your individual circumstances.
Whatever the purpose of the loan, all lending decisions are based on affordability to repay the loan. Loans are paid directly to your bank or with some credit unions you can apply for a pre-paid visa debit card and your loan will be loaded onto this.
Credit Unions will often offer even better (preferential) interest rates to members who have saved with them prior to taking out a loan.
We are proud to be working in partnership with a local credit union, Westcountry Savings and Loans, who can help you to save and borrow. For more information please visit westcountry.org.uk
To find your local credit union and what they offer please visit findyourcreditunion.co.uk and use the simple search tool.