(Updated 06/04/2023)
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.
