A Credit Union is a financial co-operative, owned and run by its members, providing a low cost savings and loans facility. Members save from a minimum of £1 a week or £5 a month and after 13 weeks become eligible for a loan. Interest on loans is charged at just 12.7% APR.

A Credit Union uses the interest it receives on loans to pay its overheads and running costs. If the Credit Union makes a profit at the end of the year it is distributed amongst the members in the form of a dividend. All Credit Unions are regulated by the Financial Services Authority, in the same way as banks and building societies. Your savings and loans are covered by insurance, and the credit union is fully protected against fraud and theft.