How Credit Unions Can Help
Sometimes talking about financial issues isn’t easy. It’s a personal and emotive part of life and individuals may feel uncomfortable talking to mainstream banks or financial service organisations. However, it doesn’t always have to be this way.
Credit unions are local financial service providers who offer a range of products and advice to local people. They are co-operatives, controlled by their members. They can offer savings accounts and great value loans, plus they know what their members want.
Many credit unions also offer other services including:
- Current accounts
- Benefits direct
- Child Trust Funds
Each credit union has a ‘common bond’ which determines who can join it. The common bond may be for people living or working in the same area; people working for the same employer; or people who belong to the same association, such as a church or trade union.
The Nottingham and Leicester Credit Unions also work in partnership with the CO-OP to offer a wide range of electrical goods, which can be purchased with a Credit Union loan. This is a far cheaper option than buying products from high-interest weekly payment stores, or with a loan from a doorstep lender.