How It Works

"How our Credit Union works"

How It Works

Members of the Credit Union have savings called shares in the Union, on which dividends are paid. Shares can then be used to make loans for other members.

Only members can apply for a Credit Union loan, which have some unique features:

• Loans have no hidden fees or transaction charges
• Interest rates are affordable and are calculated on the reducing balance of the loan. This means the interest payments get smaller as the loan is paid back
• Loans are customised to suit the conditions and need of each member
• Loans can be repaid early with no penalty - and a saving of interest

What’s so different about Credit Unions?

Everyone seems to be after your money these days. Newspapers are full of advert offering savings schemes or loans, so what makes a Credit Union different?

• An easy way to save
• A cheap way to borrow
• Insurance on savings and loans at no extra cost
• Profits returned to members
• Money stays in your community
• Regulated and insured so you know your money is safe
• Part of the world wide movement
• Savings schemes for young people too

Credit Unions aim to help you take control of your money by encouraging you to save what you can, and borrow only what you can afford to repay.