WEEAC
Credit Unions are small non-profit financial organisations set up by people with something in common, to benefit their community. That common factor may be living in the same town, working in the same industry (e.g. the Police Credit Union) or belonging to a particular trade union.
They‘re there to provide a financial community, where its members mutually benefit…as there’s no profit for third party shareholders.
They help those who can‘t get access to ordinary bank products; a lifeline in less well-off communities for folks grappling with their finances. They’re a welcome alternative to payday loans or doorstep lending.
Yet some larger credit unions, such as the police or the big Glasgow union, can offer products that beat of mainstream finance. For more on their role read the factsheet by ABCUL, the credit union trade body.
The primary functions are savings and borrowing though more services may be provided depending on how big a particular credit union is.
There are a few ways to find a credit union near you and check out precisely what your local credit union offers:
Search 450 unions online. Use the new website Find www.findyour Credit Union.co.uk , and does exactly what it says on the tin.
You can search by postcode, employment type, or other organisations that you think may have set up a union.
Over the phone: If you'd prefer, you can call Abcul on 0800 015 3060.
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