What are Credit Unions?
Credit Unions are community savings and loans cooperatives. They offer members the chance to save regularly and to access great value, low interest loans linked to the value of their savings.
Who are Credit Unions For?
Credit unions are open to everyone who lives or work in the areas that they serve regardless of your level of personal household income. If you want to benefit from saving on a regular basis and being able to borrow money at a low interest rate then join your local credit union today.
What are the Community Benefits of Credit Unions?
Credit Unions are financial cooperatives owned and controlled by their members and are run by and for local people. Any financial surpluses from a credit union go towards developing the credit union and / or are returned to local members through a dividend. The only shareholders are therefore the local members who use its services. Credit unions are therefore local, ethical and of benefit to local residents and the wider local community that the money is retained within.
Credit unions offer an alternative to getting into financial difficulties from taking out high Annual Percentage Rate interest loans from legal doorstep lenders, payday advance services or illegal loan sharks.
For more information please visit the Cumbria Credit Unions website