Credit unions are ethical, locally based organisations that exist to help members manage their finances.
Credit unions can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and the benefit of the community as a whole. A credit union can help to revive the local economy by keeping money in the community. Loans to members can mean income for local shops and businesses.
The three main aims of a Credit Union are:
To encourage its members to save regularly.
To provide loans to members at fair and reasonable rates of interest.
To provide members with help and support on managing their finances.
• Credit unions offer low interest loans in comparison to other types of lenders. This makes the loan much more affordable. There are no hidden charges and no penalties if you repay the loan early.
• Credit unions are not-for-profit organisations. Unlike other types of lenders, credit unions exist to serve their members rather than shareholders. People over profit.
• Credit unions will only lend to you if you can afford the repayments. This protects you from falling into further debt.
• Credit unions encourage regular saving. Members often save a little even when repaying their loan, so they’re ready for a rainy day.
Gloucestershire Credit Union Head Office
Gloucester Library, Brunswick Road, Gloucester, GL1 1HT
Save’n’borrow is a community organisation that offers a range of financial services to people living or working in the Stroud District or Tetbury areas.