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It’s good to know that you’ve got some money put aside. Whether you want to save for the future, or you need a loan for something now, then perhaps your local Credit Union can help.
A Credit Union is a local organisation that offers accessible savings accounts and affordable loans to its members. Some Credit Unions also offer current accounts and insurance.
Credit Union members usually have a ‘common bond’. This means that you need to live or work in a particular local area to join.
Credit Unions are run by their members and operate on a non- profit basis. They offer a more ethical and accessible alternative to high street banks, and can help you avoid having to take loans from doorstep lenders.
You need to apply directly to your local Credit Union to become a member.
You can deposit your savings at a local branch, or have money taken directly from your wages. You can also have your benefits paid into some accounts.
Loans are generally offered at a much lower rate of interest than standard bank loans.
You can find out more about Credit Unions, and search for your local Credit Union using the website of Association of British Credit Unions at www.abcul.org or you can phone them on 0161 832 3694.
We have also produced a list of the Credit Unions in our key boroughs If you have any further queries please contact our Financial Inclusion Team on 020 7089 1134.