AboutbFairshare

About FAIRshare

FAIRshare is a credit union and everyone who  lives or works in Telford & Wrekin or Shropshire can be a member.  We provide straightforward savings accounts and fair, manageable loans to our members.  We are a local, ethical, ‘not-for-profit’ community bank or financial co-operative, own by and run for our members.

Our main branch and head office is in Telford and we have a second office in the heart of Shrewsbury.  We also have a weekly Collection Points at Donnington.

Who can join FAIRshare?

Everyone who lives or works in the Borough of Telford & Wrekin and Shropshire can join us.

Unlike high street banks and building societies, we do not carry out any credit checks before opening an account.  Previous County Court Judgements (CCJs), bankruptcy or insolvency do not prevent you from joining.

We also have a Younger Saver account for members from birth to under 16 years of age – a great way to teach children to save and manage money.

Why become a member?

There are many great reasons to join –

  • Straightforward saving accounts  – whether your saving for Christmas, a holiday, a special occasion or for a ‘Rainy Day’ fund, its so easy to save with FAIRshare.
  • Access to fair, manageable loans, with flexible repayments and no penalties.
  • Save as you borrow – if you choose to borrow from us, we’ll allocate part of each loan repayment to your savings account.  So when you’ve repaid your loan, you’ll also have saved a cash lump sum.
  • To benefit your local community – your money stays in the local community to help other local people.
  • Ethical – we do not invest in unethical industries, nor do we pay huge bonuses or salaries.
  • Borrowing from us can help improve your credit rating and help you become financially stable.
  • Poor credit history?  No problem, you can still join FAIRshare.
  • Engage VISA debit card & current account – our prepaid VISA card and basic bank account with no credit checks and cashback rewards.
  • Safe and secure – your savings are protected by the Financial Services Compensation Scheme.
  • Its great to be part of the credit union community – locally, nationally and worldwide!

Why not ask our members what they think?

Who owns FAIRshare?

FAIRshare is a member owned financial co-operative owned by and run for the benefit of our members.  As soon as an adult opens an account they become a member and a shareholder.  All our members have a say in how their credit union is run – come along to our AGM each February and have your say !

There is a one-off membership fee of £5 when joining, and members are asked to save a minimum of £1 a week or £5 a month.

Do I need to be a member to apply for a loan?

No!  We have 2 loans with you can apply for online without being a member – our Handi-Loan and Handi-Loan Plus, both with OpenCash, the easy way to TopUp your loan.  If your application  is successful, you’ll need to join FAIRshare before your loan is released.

Our History

The Wrekin Council Employees Credit Union was launched on 1st September 1994 to offer savings and loans to employees of Wrekin Council.  155 members joined on the opening day, and by the end of 1994 more than 450 staff had signed up.

In 2000, the credit union changed its name to FAIRshare, and following a change to its ‘common bond’ membership was opened to everyone who lived or worked in the Borough of Telford & Wrekin.  Membership grew quickly, with Oak Credit Union & Dawley & District Credit Union transferring to FAIRshare in October 2000, and S.H.R.U.B. Credit Union (which served Stirchley, Hollinswood, Randlay United with Brookside) and Broseley & Much Wenlock Credit Union joining in 2002.

In 2012 members voted to extend the common bond to include everyone who lives or works in Shropshire, and a second office was opened in Shrewsbury.  The introduction of Online Loan Applications in 2014, has enabled people across Shropshire to join and apply for loans from the comfort of their home, and membership continues to grow.

The Rules of FAIRshare Credit Union can be downloaded below –

pdfFairshare Credit Union Rules 2012