“A credit union is a member-owned financial cooperative democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members”
Credit Unions are established by communities of people who have someone in common with each other; known as a ‘common bond’. They may live in the same area, work for the same employer, or be part of the same club or association. By pooling together in the spirit of ‘people helping people’, collective savings are used to make affordable credit available to members of the Credit Union.
Credit Unions come in all shapes & sizes. There are more 100 Credit Unions in Scotland (and around 500 in the UK). Some Credit Unions have hundreds of members, are operated entirely by volunteers and share premises with other community groups. Whilst other Credit Unions might have thousands of members, may be operated by a full complement of paid staff, and operate out of purpose built premises.
The range of products & services offered by Credit Unions is often determined by the size of the Credit Union. Smaller, volunteer-led Credit Unions tend to focus on localised provision of Savings & Loans. Whereas, larger Credit Unions sometimes offer a full suite of financial products & services.
To find your nearest SLCU Credit Union, click here.
Alternatively, try www.findyourcreditunion.co.uk for a wider search.