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Credit unions offer convenient savings and low-interest loans to their members, who own and manage the credit unions themselves.
The 3 main aims of a credit union are:
The members make regular savings, as little or as much as they wish. These savings form a common pool of money from which loans are made to members. When members have been saving for a certain period of time (usually about 12 weeks) they can apply for a loan from the pool. Interest on the loan is charged at low rates.
People who join a credit union must belong to what is called a common bond. This could be that you live in a specific area, you work for a particular employer, or that you are a member of a club or association.
Credit unions welcome everybody from within the common bond regardless of income, employment status or age.
For information on CroydonPlus Credit Union or telephone 020 3468 8568.
Credit unions have to be registered with the Financial Services Authority (FSA) and they are covered by the Credit Union Act 1979.
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