Owned and run by their members, credit unions are not-for-profit financial cooperatives, providing a range of savings and loan products to their members.
Simple savings, sensible loans
Credit unions offer a range of easy-to-understand savings accounts and a variety of loans for their members.
All members of a credit union are required to save, with this money then lent to other members who may need to borrow through a choice of loan products designed to meet different needs-whether paying off expensive existing loans, paying for a holiday or buying a car.
Usually, credit unions charge much less interest on loans than many other lenders like banks or 'payday loan' providers and often have additional benefits such as no early repayment penalties, no hidden fees, no set up costs, life cover and much more.
Financial return on savings
As credit unions are not-for-profit, members get the benefit of sharing any of the financial surplus generated-meaning the money made from the interest charged on loans to members goes towards a dividend paid on members'savings.