Credit Unions offer safe, affordable loans to people who may otherwise turn to high risk borrowing like payday lenders
The credit Union local to New Mills and covering the High Peak is the Manchester Credit Union.
Telephone: 0161 231 5222
Email: info@manchestercreditunion.co.uk
Credit Unions are not only for people on low incomes – they are sound financial savings choice for anyone and can run alongside your traditional bank account.
They are Financial Cooperatives which are run and controlled by their members – who – if approved by a members’ vote – are eligible to receive dividends. By saving a little you share of any profits on their savings.
Credit Unions are a great way to save or borrow. They’re community banks and offer dividends on savings – as well as loans at lower rates than many and so may be of help to anyone struggling with debt. The money you invest will work for you.
Benefits include:
Members’ vote – as part of membership you are eligible to receive dividends, i.e. a share of any profits on savings.
Loans from as little as 6%APR compared to some lenders who charge up to a maximum of 42% APR
No set-up fees or charges for early repayment and the interest is charged only on the reducing balance (not the principle)
Savings plans to help you budget for Christmas or expensive items – washing machines, holidays etc.
Credit Unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are part of the Financial Services Compensation Scheme -just like banks and Building Societies – so your money is always protected.