Credit unions are a form of co-operative that offer members access to financial products such as savings accounts and loans. More recently, it has become possible to open bank accounts and even access prepaid cards with a number of credit unions and following a change in the laws that govern said unions, these types of product are on the rise. With CreditUnions.co.uk you can find those groups that you are eligible to join and that offer the type of services that you require and for which you meet the joining requirements.
What Are Credit Unions?
Credit unions are a form of financial co-operative. They are democratic in their membership and in their board of directors, and they enable members to take advantage of certain financial products that they might not otherwise be able to benefit from. Credit unions are especially beneficial to those that are looking to save or borrow money, but also to those that want to bank more ethically than with high street lenders while helping their community.
Should I Join A Credit Union?
If you are looking to save money and earn a dividend, borrow money without having to rely on payday loans and other similarly high priced loans, or bank ethically to benefit the community around you then yes, you should join a credit union. These are the principles behind credit unions and are the benefits that are offered through membership to the group. All CreditUnions.co.uk listings include information on the various services and requirements for membership to the different credit unions.
What Services Do Credit Unions Offer?
Credit unions do offer a range of financial services. Loans and savings are the most commonplace of these products but they are not the only services that are on offer. Some unions may offer financial guidance to help get your finances on track while others may provide bank accounts or prepaid cards. Search the CreditUnions.co.uk website to find details of the various services that are being offered by different credit unions that you can join.
Are Their Other Benefits To Credit Union Membership?
There are certain benefits that are offered with membership to any credit union. All loans and savings come with free life insurance to cover them. A savings account includes insurance which means that the money you have saved could be as much as doubled before being passed on to a beneficiary. If you die before you have repaid your loan then the remaining repayments will be covered by your insurance so those that you leave behind will not have to worry about meeting these repayments.
Am I Eligible To Join Any Credit Unions?
Search the CreditUnions.co.uk directory to find more in-depth details of the credit unions that can be found throughout the country. Every listing includes details of eligibility, which may be governed by where you live or work, the company or industry in which you work, or the club or other organisation that you are a member of. There are around 500 different credit unions in the UK meaning that you can find access to at least one that is relevant to your needs and requirements. With CreditUnions.co.uk you can find details of the most relevant and the most pertinent for you.
How Can I Find Credit Unions?
There are many ways to search for credit unions. You can use the Yellow Pages, ask at your local Citizens Advice Bureau, or enquire with your work or trade union. However, the simplest, quickest, and most efficient way to find a credit union that will accept you is to use the CreditUnions.co.uk website where you can search according to area, industry, or group membership.