If you were to think about saving and borrowing money, you probably think about high street banks or maybe a building society, but credit unions are an option that continue to be one of the UK’s best kept secrets.
We really want to change that, so today we’re going to squash some myths about credit unions, and share how a credit union can help you get your finances back on track!
Let’s answer the biggest question first: what is a credit union?
“A credit union is a financial co-operative which provides savings, loans and a range of services to its members. It is owned and controlled by the members. Each member has one vote and volunteer directors are elected from the membership, by the membership. Credit unions are owned by the people who use their services, and not by external shareholders or investors. So the emphasis is always on providing the best service to members – not maximising profits.”
Credit unions offer a range of financial products and there is no ‘one size fits all’, so check out your local credit union to find out more about what they offer. If Stockport Credit Union isn’t local to you, click this link to find your credit union: https://www.findyourcreditunion.co.uk/about-credit-unions/
Credit unions are an alternative to high street banks and can help you get your finances back on track after Christmas in lots of different ways, including these 3:
- Credit unions encourage members to save and make it easy to save regularly, and even saving a small amount each week will add up.
- Payroll schemes allow employees to save and make loan repayments through their payroll. Learn more about the Stockport Credit Union Payroll Deduction Scheme. [https://www.stockportcu.com/payroll-services/ ]
- Credit unions serve their members and are able to offer affordable loans, including short term loans that many banks are unable to offer.
Here at Stockport Credit Union we offer a range of savings and loan products for people who live or work in Stockport postcodes SK1-SK8, helping our members help each other and become financially independent through saving as they borrow.
Learn more about saving with Stockport Credit Union here: Savings
Learn more about borrowing with Stockport Credit Union here: Loans