Save'n'borrow Credit Union

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What is a Credit Union? 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 low rates of interest. - To provide members with help and support in managing their financial affairs (if required). What are the benefits of a Credit Union? It is an easy and convenient way to save and borrow. It offers very low cost loans. It's a way to learn new skills. Insurance for any loans outstanding at death at no additional cost Learn new skills by becoming a volunteer 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. How do Credit Unions work? The members make regular savings, as little or as much as they wish. These savings then form a common pool of money from which loans are made to members. When members have been saving for a certain period of time (usually about 12 weeks) they can apply for a loan from the pool. Interest on the loan is charged at only 1% per month on the monthly reducing balance. 12.68% Annual Percentage Rate (APR)....