What are Credit Unions?
A credit union is a community based financial co-operative whose members share a common bond (for example, one of association, residence of place, or employment). In the case of H&F Credit Union, the common bond is that all members must live and/or work in the borough of Hammersmith and Fulham. Credit Unions are not for profit organisations, set up, owned and managed by its members. The main purpose of establishing a credit union is for members to pool resources (money) to provide affordable credit and loan facilities to members. Credit Unions also promote a savings culture amongst its members, as money given out as loans is the money saved by members (referred to as shares).
