What Are The Benefits Of a Credit Union?
• It is an easy and convenient way to save and borrow • It offers very low cost loans • Insurance at no direct cost • It’s a way to learn new skills Credit Unions can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and the benefit of the community as a whole with organised events, family fun days, quizzes etc. A Credit Union can help to revive the local economy by keeping money in the community. Loans to Members can mean income for local shops and businesses. Who Supports Credit Unions? Churches, Community Groups, National Consumer Councils, Citizens Advice Bureau, Trading Standards, Police, Fire, Taxi Drivers, Local Authorities etc. How Do They Work? The members make regular savings, as little or as much as they wish. These savings then form a common pool of money from which loans are made to members. When members have been saving for a certain period of time (usually about 12 weeks) they can apply for a loan from t
