What is a credit union?

Credit unions, although not widely known are the fastest growing alternative to banks, building societies and doorstep/payday lenders. The aim is to help you take control of your money by encouraging you to save when you can and borrow only what you can afford to repay. Profits made by credit unions are used to reward the members, and not pay shareholders or big bonuses unlike the banks and other lending business. At West Cheshire Credit Union, we offer a range of loans and savings accounts.

Credit unions are for everyone. 
All credit unions are owned and controlled by their members and every member has a voice.  You can become involved in decision-making by attending AGM’s or other member meetings. The volunteer board of directors is elected by the members to manage the credit union. Each member’s ideas and opinions are valued equally no matter how much or how little they have in savings. Credit Unions operate to promote the financial well-being of its members. Profits made are returned back to members in the form of lower loan rates, reduced fees and a dividend on their savings should there be a surplus once operating costs have been covered.

What type of savings accounts do they do? 
All credit unions are authorised and regulated by the Financial Conduct Authority (FCA) and also covered by the Financial Services Compensation Scheme (FSCS). Our savings account is ultra- flexible allowing you to save large or small amounts weekly, monthly or whenever you can. You can make deposits via standing order, in branch or via your salary if you work for an employer registered on our payroll scheme. 

Are credit unions just for people who are struggling financially? 
No, the West Cheshire Credit Unions offers loans from £100 - £2,000 which most high street banks will not do. Credit unions are a welcome alternative to payday loans, or doorstep lenders. All credit unions only offer loans to their members. The interest rates vary depending on the loan amount and each person’s personal circumstances. However, they are considerably less than many short-term loans, including payday and doorstep loans. A West Cheshire Credit Union loan has many additional benefits with no set up fees, no early repayment penalties and flexible terms to suit your circumstances.