How it works

Our Credit Union at a glance

  • First deposits taken 1993
  • In first full year we granted loans of £40,473 and held £41,862 in savings
  • 2004 assets in excess of £1,000,000
  • In 2001 opened membership to Cheshire
  • In 2010 opened membership to G.M.C
  • In 2014 opened membership to the rest of the country’s brigades
  • 2014 assets in excess of £2,200,000
  • Over 2 million out on loan
  • Over 1,000 members.

Savings - the key facts

  • Money usually deducted at source (payroll or pension) although we can accept one off payments subject to some T&Cs
  • Savings up to £15,000
  • No more than one lump sum deposit of up to £1,000 each financial year
  • Savings are covered by FSCS up to £75,000
  • After 3 months membership you become eligible for a loan
  • Interest on loans is charged monthly on a reducing balance
  • Any profit that the credit union makes is paid back as a dividend on a member’s savings
  • In the last 3 years we have paid dividends of 3%, 2.5% and 3%.

Savings example

  • Assuming £100 per month is saved
  • Interest rate declared at 3%
  • Interest added in December so assuming 12 months saving with no withdrawals, savings would now be 12 x £100 = £1,200 + £19.68 interest
    • (Nationwide 1.7% = £11.11 less tax)
    • (Nat West 1% = £7.17 less tax)
  • Savings are instant access.

For more information please go to the main Savings page

Loans – the key facts

  • You can usually borrow up to 4 times your savings
  • We try to be a flexible and approachable as possible
  • We do not normally credit score or credit check but we reserve the right to do so
  • Loans can be repaid at any time after the first month with no penalties
  • You can pay a lump sum off your loan at any time with no penalties
  • You can transfer savings over at any time with no penalties, but you must maintain the 4 : 1 loan to savings ratio
  • Free insurance. If you die your loan is written off and your nominated recipient receives any savings you may have.

Loan example 1 (not a member of Credit Union)

  • Needs a loan of £3,000 over 3 years
  • Nat West Bank £110.17 x 36 = £3,966.12
  • Santander £102.49 x 36 = £3,689.64.

Loan example 2 (member of Credit Union)

  • Needs a loan of £3,000 over 3 years
  • Has £750 in savings with Credit Union
  • Presently saving £5 per month
  • Repays £94.36 per month for 36 months - total £3,396 (approximately £570 cheaper than Nat West)
  • Continues to save £5 per month (in addition to the loan payment)
  • At end of 3 years, member now has £930 savings plus interest.

For more information please go to the main Loans page

Some considerations

  • APR’S are confusing
  • We calculate interest monthly on a reducing balance - presently 0.688% per month up to £4,999 and 0.638% for £5,000- £9,999 and for £10,000 to £15,000 the rate is 0.587%
  • Always compare the full repayment figure as per the example below:
  • Using alternative credit lender ‘Pounds to Pocket’ as an example, if you borrowed £500 you would repay £79.09 per month x 12 - total £949.00. With the Credit Union it would be £43.55 per month x 12 - total £522.58
  • There are other Credit Unions in the market place
  • If you default on a loan we will vigorously pursue you, take you to court and you will get a CCJ against you. The actions of one member can impact on the welfare of other members and we take this very seriously.
  • We employ a debt collection agency and a private investigator to trace people who default on loans.

If you are facing financial problems

  • We try to be as friendly and approachable as possible but we are not mind readers
  • If you have problems talk to us, we will do all we can to help e.g. reduce payments or suspend payments and interest for a few months
  • The longer you leave it the worse it will be
  • Remember there is always an answer, ignoring the problem will not make it disappear
  • External agencies do exist where you can get independent help and advice such as moneyadviceservice.org.uk.