Why join a credit union?

When you join a credit union you become a member of a worldwide financial cooperative dedicated to improving the financial wellbeing of millions of people.

In Wales we have a wide network of credit unions who provide a place for members to save and get loans at reasonable rates.

As an ethical alternative to high street banks or doorstep lenders, Credit Unions put you – the members – at the very heart of everything they do. Credit unions are member-owned and democratically run which means your voice will be heard in the running of the organisation. You can vote on the board of directors and help make decisions about the services available because you get to say what’s important to you.

Credit unions pass any “profits” they make directly back to members via an annual divided. Because there are no shareholders to keep happy, credit unions are able to offer better rates and lower fees. Savings accounts allow members to save small or large amounts whenever they can. Your savings are safe and secure, regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.

They are also benefitting the wider community because they are being used to make loans available for other members. When you need a loan for a special occasion like a family wedding or to buy a new car, then Credit Unions offer very competitive rates of interest. Interest is charged on the reducing balance of the loan and you can pay it back in different ways, including directly from your salary if your employer is a payroll partner with a credit union. Free life insurance is included at no extra cost – so if you die before repaying the loan, the balance would be paid off for you.

With no hidden charges and no penalties for repaying the loan early, its obvious why credit unions attract members from all walks of life.