What is a Credit Union
A credit union is a financial co-operative that offers savings and access to loans when required to members of the same common bond
• Credit unions encourage their members to make regular payments into savings accounts which create a central pool of funds that is used to provide loans back to the membership at very favourable rates.
• Unlike most companies all credit unions are mutuals – the members are the owners
• Credit unions are run by a volunteer board of directors with professional skills
• There are no outside shareholders to pay
• All credit unions are regulated by the Financial Services Authority
• Members’ money is protected by the Financial Services Compensation Scheme