What are Credit Unions?

• Credit unions are financial co-operatives owned and run by their members to provide an alternative to banks, building societies and high interest lenders.
• You can save by setting up a standing order with your bank on an attached form. Or at a collection point
• You can apply to borrow after you have saved for 3 consecutive months. Loans have no lower limit or credit scoring and are charged at a fair rate of interest.
• Money saved with a credit union is just as safe as money in the bank. Like banks, credit unions are regulated by the Financial Services Authority and your money is covered by the Financial Services Compensation scheme just the same as banks.

Can I join?

• You need to be a member of the Co-operative Group or the Ipswich & Norwich Co-operative Society or Colchester and East Essex Co-operative Society or Chelmsford Star Co-operative Society or Anglia Regional Co-operative Society and live in East Anglia.
• If you are not a member of the Co-op, we can help you join. If you live outside our area we will help you find an alternative credit union.