Low cost hassle free saving facility...
How can a person benefit by becoming a credit union member?
- Credit union membership is a low cost, hassle free saving facility.
- Credit unions can help relieve financial pressure and reduce the need for high rate loans
- Supporting credit unions is a good way of showing your support for the local community.
What are the benefits of credit union membership?
- Interest on the loan is charged at only 1% per month on the monthly reducing balance. 12.7% Annual Percentage Rate (APR).
- It is a stress free way of saving. Members make regular deposits of as little or as much as they wish.
- These savings then form a common pool of money from which loans are made to members. Usually after saving for a certain period of time (between 0 to 13 weeks) members can apply for a loan. Terms and conditions apply.
- There is built in life assurance on savings and loans and a range of additional financial services.
- Credit union members will have a sense of ownership and control over their finances.
Where can credit union members deposit and withdraw money?
- At service points
- By direct debit and standing order
- By pay roll deduction
© Association of Cornish Credit Unions · Updated: 01 February 2007