What Is A Credit Union?
A credit union is a not-for-profit, ‘mutual’ organisation.
This means that it is owned by its members and all the benefits are for members. Credit unions offer members a variety of financial products and services based on savings and loans. Any money that comes into the credit union, goes straight back out to its members, not to shareholders.
Credit unions view and treat each member as an individual with a different story. This ethos, along with the understanding that each member is a vital part of the community, assists us to provide members with the most personalised form of financial support.
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.
Credit unions are run by their members, so if you join and don’t like something, you have the power to change it.
You normally have to save with a credit union before you can borrow from it and some of our credit unions have linked with employers to allow you to save and repay loans directly from your wages.
For more information, check out our short video on credit unions in Renfrewshire:
