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Credit Union loans:

A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate. To be part of a credit union you have to share a common bond with other members. This is something you all have in common such as:

  • living or working in the same area
  • working for the same employer
  • belonging to the same church, trade union or other association

Each credit union has its own common bond, but this will usually be based on the examples above. If a credit union’s rules allow, it may have more than one common bond. This means a common bond based on a local community organisation, such as a tenants’ association or a social club attached to a workplace, may be combined with common bond based on living or working in an area. So if you live outside an area that a credit union serves, you could still join it, if you’re a tenant in a housing association that’s linked to the credit union or you’re an employee of a national company whose local workplace is linked to the credit union.

If one member of your family is already a member of a credit union, other relatives living at the same address can usually join too.

Where to find a credit union:

You can get information about credit unions from the Association of British Credit Unions (ABCUL) website at www.findyourcreditunion.co.uk or the ACE Credit Union Services website at www.acecus.org.

Helpful Links:

Citizens Advice: Credit Union Information

Updated 14/07/2020