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Credit Unions: Outline
Credit Unions are community savings and loans co-operatives, where members pool their savings and responsibly lend to one and other. You can save a little as you want each week or month (up to a maximum of £15,000) and borrow responsibly. They offer savings and great value loans plus they are local, ethical and know what their members want. Many credit unions now offer a range of services including a current account, benefits direct, ISAs and Child Trust Funds.
Find out more with from this information sheet.
The three main aims of a Credit Union are:
- To encourage its members to save regularly.
- To provide loans to members at very low rates of interest.
- To provide members with help and support on managing their financial affairs (if required).
Rossendale Credit Unions
Bacup Credit Union - for Bacup and Whitworth areas
9 St James Square
Tel - 01706 601809
Website - www.bacupcreditunion.co.uk
Mid Rossendale Credit Union - for Rawtenstall, Waterfoot and Bury North
5 Bacup Road
Tel - 01706 212759
Email - email@example.com
Website - http://www.midrossendalecu.co.uk/
First Choice Credit Union - for Rossendale, Hyndburn, Ribble Valley and Preston
15 Greenfield Street
Tel - 01706 215082
Email - firstname.lastname@example.org
Website - http://www.firstchoicecu.co.uk/
Other Credit Union Sites
- The Association of British Credit Unions (ABCUL)
- National Association of Credit Union Workers
- Credit Union Guide
Credit Unions are run for the community by the community. Each member makes regular payments into a savings account - this fund then provides the basis for preferential rate loans. The income generated by lending, helps the union meet the operating expenses, build reserves and pay savers an annual dividend.