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%.
- 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
- 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.