Credit unions are not for profit community lenders, providing affordable loans, and savings.
There has never been a more pressing need for affordable credit. The cost of living crisis is causing immediate pressure on many household incomes. Struggling families may turn to high cost credit to balance household budgets. They may turn to high cost lenders or even illegal lenders. People with a poor credit history and those who cannot access main stream forms of credit are at risk.
Credit Unions offer a range of low interest loans, and savings accounts for all purposes. Loans and savings are protected by the Financial Services Compensation Scheme.
Credit unions also:
- provide access to fair and affordable credit for people with a poor credit history,
- help those who cannot access mainstream forms of credit
- or those who may be unaware of affordable providers.
- provide loans starting from £50
- offer a safer method of short-term borrowing.
- always consider affordability when assessing loans applications.
- provide an alternative to pay-day loans, high interest lenders and unscrupulous doorstep lenders