A Credit Union is not a bank, but is regulated by the FCA in a similar way and some offer many of the same services.
Unlike a bank, the money invested in them does not go to profits, city traders or complex financial investments; it stays local and helps other people in the same community to get low cost credit, with responsible support and information. They are not about dragging people into unsustainable debt, but teaching a way to financial stability and freedom. Many can also offer competitive loans to members wanting some of the nicer things in life, like a new car or holiday.
An article written by the founder director of St Albans District Credit Union is available here – Article St Albans District CU – and was featured in our October 2013 issue of SeeRound.
Click here to: Find your local Credit Union
Below is a list of some of the Credit Unions in our diocese – click on the links to find out more:
How do I help a Credit Union
Volunteers’ skill and time – many Credit Unions are volunteer led and the are all non-profit making. They need good and skilled people to help them grow their services and serve the community better. They also need people who can give time to help with collections, promotions and administration.
Invest – put your own savings in the Credit Union, so they can give this to others in your community who are in need of a loan.
Borrow – Credit Unions make money from loaning money, so if you need a loan, don’t take it from the bank and add to their profits, but use it to invest locally, and many will offer competitive rates compared to others on the market.
Church link – talk to your local Credit Union and see if your church could have a collection point or run a collection point at a local venue or shop. Could you help to promote them locally?