What is a Credit Union?
A credit union is a financial and co-operative organisation owned and run by its members that encourages its members to borrow and save responsibly. We provide an alternative service to banks, building societies and high-interest loan providers. We encourage you to save what you can and borrow only what you can afford to repay.
Northumberland Credit Union has been supporting saving and providing loans to its members – and anyone living or working in Northumberland can join – since 2003.
How can you benefit?
As a member of our credit union you can benefit from:
- Easy, convenient and secure ways to save.
- Access to loans that you can afford to repay through flexible payment plans.
Who are they for?
Everyone! Whether you are able to access ordinary bank loans, products and services or not – we can help and quite possibly offer a better deal. We provide local financial solutions and can provide a real alternative to pay-day loans or doorstep lending.
How do they work?
You make regular savings which are used to create a pot of funding which is used to lend to other members. Once you have been saving for a set period of time you can apply for a loan which includes an interest charge. The interest charge helps to pay the credit union’s running costs – and if we make a surplus, then, as a co-operative, we can pay a dividend to our members.