Credit Unions

Things to know about Credit Unions

A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The members own and manage their credit union themselves. The three main aims of a Credit Union are:

  • To encourage its members to save regularly.
  • To provide loans to members at fair and reasonable rates of interest.
  • To provide members with help and support on managing their financial affairs (if required).

They provide a convenient way to save and borrow money as they provide low cost loans to members. 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. 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.

 

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The information on organisations within the Your Circle directory does not amount to an endorsement by Gloucestershire County Council of their services. Any use is at your own risk. Please check the organisation's qualifications and inspection reports where applicable. See Disclaimer for details.