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What are Credit Unions?

The Credit Unions of Cornwall

A credit union is a not for profit, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The credit union is run by volunteers and is managed and owned by the members. 

The three main aims of a credit union are:

  • To encourage its members to save regularly.
  • To provide loans to members at low rates of interest.
  •  To provide members with help and support on managing their financial affairs
    (if required).

Who can join a Credit Union?

Credit Unions welcome everybody from within the ‘Common Bond’ regardless of income, employment status or age. Anyone who joins a Credit Union must belong to what is called a ‘Common Bond’. This could be the area you reside or work in that  has a credit union.

Cornish Credit Unions

There are currently five credit unions operating in Cornwall. The areas or ‘Common Bonds’ in which they operate are:

  • Penwith District
  • Kerrier District (including the Fal and Mylor)
  • Carrick District (excluding the Fal & Mylor)
  • Caradon District (SECCURE)
  • North Cornwall District
  • Restormel District .

 
© Association of Cornish Credit Unions · Updated: 19 March 2007