Become a member of one of the UK’s most adored credit unions & save

Credit unions offer a competitive alternative to mainstream banks and traditional lenders, with a host of benefits that are unique to credit unions.

As they are member-owned, not for profit organisations they offer services that are often not found at other UK loan providers. Credit unions offer banking, lending, savings and insurance products to its members.

The community-driven credit provider

Credit unions enable access to cheaper credit while indirectly helping other members and the community. The purpose of a credit union is to help its members thrive from an economic position while also boosting community development in the areas they serve.

What a credit union can do for you

Credits union provide the very same services that a bank, or other credit provider. These services generally include various banking accounts, savings or share accounts, home loans, car loans, debt consolidation loans and personal loans. The main difference is that credit unions offer these services at much lower rates and fees than other types of lenders.

Additional services include insurance and banking services which are to provide you as the member with the best value for money. Many credit unions have caught on to the trend of using technology to optimise their services, and can now be found online, or members can apply telephonically.

Better, improved services

Credit unions now enable members to apply for a loan online, access online banking, mobile banking, and download apps to manage their money. Additionally, members are able to access a great information finance management.  Credit unions are all for saving and you will as a result find some of the most competitive savings accounts available in the UK at your credit union.

Differences between a bank & a credit union

  • Credit unions are member owned while banks are shareholder owned
  • Not profit orientated while banks are
  • Credit union members are also owners as oppose to a customer of a bank
  • Profits are invested back into members and communities

Directors are chosen by the members

All credit unions hold annual general meeting, which all members are invited to vote for their preferred board members. Members thus have a say in the management of the credit union, which is a feature that is not offered by other credit providers.

Joining a credit union

The criteria for a credit union is different to that of other lenders in that your ability to register with a credit union depends on a set geographical location, be in a certain field or industry, a certain profession or have a family member who is a member. You can easily apply online to become a member of a credit union. And some offer branch assistance that allows you to apply at a local branch.

You will have to provide personal details to become a member including contact information and information on your current debts. Most credit unions offer significantly lower rates than you would be offered by a traditional bank.

Top benefits of becoming a credit union member

  • Access products and services tailored to your profession, location or lifestyle
  • Access lower rate personal loans and banking services
  • Know any profits made from using the services and products will be reinvested into helping other members and the local community
  • Access lower rate insurance products
  • Make use of the free information, courses and tips to help you make the most of your money

Consolidating debt with a credit union

Becoming a member of a credit union has countless benefits but you can also consider debt consolidation with a credit union is perhaps as probably one of the most beneficial products offered. It will guarantee that you get a lower interest and save money while also offering you the convenient loan term, and enables you to consolidate your debt, get a low-interest credit card and save money.

As a not for profit organizations they do not simply sell their services and products, but rather evaluates each situation in an unbiased fashion. You can rest assured that a credit union will only recommend a consolidation if it truly will help your financial situation.

Credit unions typically offer

  • Bank accounts
  • Savings accounts
  • Investment accounts
  • Term deposits
  • Foreign exchange services
  • Online, tablet and mobile banking
  • Home loans
  • Car loans
  • Personal loans
  • Quick loans
  • Overdrafts
  • Credit cards
  • Insurance

Top 5 reasons to choose a credit union

  • Credit unions usually guarantee lower interest rates and lower fees on all personal loans and financial products.
  • Additionally, you may benefit from higher rates on savings and investments.
  • You will get a more personalised service from a credit union than a bank.
  • You will be supporting your local community by forming part of a credit union.
  • You get to have a say in the direction and decisions made by the credit union as members choose the board of directors to manage, and represent the credit union.

Using a loan comparison site to compare credit unions

Although there are not as many credit unions compared to other types of lenders, it is still beneficial to use a loan comparison website that easily allows you to view the features and benefits of each credit union available to you.

It is an easy way to see what credit unions best suit you unique requirements, and what credit unions you qualify for to become a member. You will then have a direct link to the credit union provider that best suits your needs, and the services and products that you require. Many credit unions also offer financial education and resources to their members as well as valuable advice.

A loan comparison site takes the hard work out of finding the right credit union available to you. Consumers are also ensure that the credit unions that form part of a credit provider comparison platform are reputable, and trusted in the financial industry.