What Is A Credit Union?

A credit union is a ‘mutual’ organisation, or financial cooperative meaning that it is owned by its members and all the benefits are for members. This ethos, along with the understanding that each member is a vital part of the community, assists credit unions to provide members with the most personalised form of financial support.

All credit unions operate differently, so they will offer different products from each other, but most offer Christmas savings accounts or funeral bonds. There are junior accounts too so you can get all the family saving together.

You join a credit union and save with them before you can take out a loan and some of our credit unions have linked with employers to allow you to save and repay loans directly from your wages.

Structure Of A Credit Union?

Credit unions have a board of directors that is made up of members. This means that any decisions made by the credit union have the members at the centre of the decision. Because credit unions are run by their members, if you join and don’t like something, you have the power to change it.

For more information, check out our short video on credit unions in Renfrewshire:

Why join a credit union?

Building a habit of saving regularly is a major component of financial wellbeing. Having savings increases financial security and confidence and can help if you experience unexpected circumstances or need money fast.

The UK Strategy for Financial Wellbeing identified 11.1m working age adults on low to modest incomes (financially struggling and squeezed adults) who do not save regularly. RACA aims to be part of The Nation of Savers goal, which is to encourage two million more working-age people on low-to-modest incomes into the habit of saving regularly by 2030.

How to join a renfrewshire credit union

There are several credit unions operating across Renfrewshire.

To join a credit union, you will need proof of address, some form of personal ID and a small joining fee. *Scotwest and Right Way credit unions both have handy apps allowing you to view or make changes to your account.

What can credit unions offer you?

It's Ethical

Credit Unions offer ethical, affordable finance

Low Interest

Low interest loans compared to payday lenders, doorstep lenders, catalogues and rent to buy furniture companies

Accessible Loans

Having a bad credit score won’t necessarily stop you from accessing credit from a credit union

Community Finance

The money put into a community credit union stays in that community, helping others within it.

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