A credit union can provide access to a range of highly beneficial and useful financial products including loans and savings accounts. The modern credit union even offers bank accounts and a handful are trialling prepaid card systems offering their members access to a whole host of useful and financially viable products and services. There are hundreds of credit unions around the country and most people are eligible to join at least one such union depending on where they live or work, the company or industry they work in, or membership of certain clubs, groups, or organisations.
What Is A Credit Union?
A credit union is a financial co-operative that offers its members access to savings and loan products that they might not be able to otherwise access. Members are encouraged, or sometimes required, to save money regularly via their credit union and there are also loans available. The credit union is a democratic group, headed by a board of directors that are usually assigned during each year’s AGM.
Credit Union Services
The biggest benefit of joining a credit union is the access that it offers to various financial products. The primary purpose of such a union is to ensure greater financial stability for its members and every member is encouraged to save money and to enjoy greater financial reward for their efforts. As such, credit unions offer excellent savings opportunities, as well as access to loan facilities while some credit unions even offer accounts that are akin to current accounts.
Types Of Credit Union
There are many types of credit unions in the UK, spread across the country. There are those that offer membership to people that live or work in a particular area, and those that are only open to people that work in a specific industry or work for one particular company. Even some churches and other groups and organisations may offer their members access to a credit union. All have been established to offer ethical savings and a means of benefiting other members of the community while access these beneficial services.
With so many different types of credit union available, there should be at least one such union that you are eligible to join. Consider the areas that you live and work and take a look to see if there are groups for these areas. Also ask your union or even your line manager at work to see if they know of any particular credit unions that you are able to join. Alternatively, our website offers access to details on a host of different credit unions, their contact details, and eligibility requirements as well as details of the services that they offer.
Applying For Credit Union Membership
Applying for credit union membership usually requires that you complete a reasonably simple form and post it or fax it to the group. This form will ask for details of your eligibility as well as personal details and the services that you wish to borrow. You may, in some cases, be asked to commit to saving a small amount every month because this helps ensure that the union has the money it needs to be able to adequately perform the functions it was set up for.
Access Better Financial Products With Credit Union Membership
Credit union membership offers a number of benefits. It is possible to enjoy access to loans that are considerably less expensive than payday loans and similar emergency loans. You can also enjoy ethical saving while accessing an annual dividend that can pay out as much as 8% of the total amount that you have in your savings account over the year. Check for eligibility and join today.