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12th January 2021 - What is a Credit Union?

What is a Credit Union?

Worried about your finances? Wanting to get your spending back on track? Looking for financial advice?
You are not alone. This is a very familiar scenario.
There is help out there that you may not be aware of.
Your local Credit Union.
A credit union is a non-profit based financial service that as with any high street bank or building society is fully regulated by the Bank of England. The difference is that is set and run by local communities who have a common factor, for example a local community group, religious group, a work place group etc. These people would be the members who would be the savers and borrowers of the union.
The benefits of a Credit Union are:
  • Promote sensible lending
  • Promote good money management
  • Encourage saving money, even as little as £1 a week
  • Fair and responsible lending rates
  • Advise on how to manage finances wisely
  • Higher returns on spending
  • Lower rates on loans
Many people who had been involved with illegal money lenders have been put in touch with credit unions who have helped them get on track with their finances.
There are 500 UK credit unions with over 1.8 million members.
For more information visit: Berkshire credit union at https://www.cslberks.org.uk/
West Berkshire