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About Credit Unions

Why become a member?

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What are Credit Unions?

Credit Unions are membership based organisations, much like co-operatives.  Members have a say in how their credit union is run and may receive a share of the profits – a dividend.

Credit Unions offer a range of straightforward saving products and fair, manageable loans to members.  There are around 500 credit unions in the UK and more than 1.8 million members UK wide, and this number is increasing.  The credit union movement is global – there are credit unions in 109 countries, with over 231 million members worldwide!

The Credit Union “Common Bond”

To join a credit union you usually need to live or work in a certain area, or do a certain type of job.  This is known as the credit union ‘common bond’, meaning members have something in common.

Everyone who lives or works in Shropshire, Telford and Wrekin, South Staffordshire and The Wyre Forest can become a FAIRshare member. If you do not live or work in these areas, you can Find Your Credit Union here.

Why become a Credit Union member?

A Credit Union’s customers are its members.  Members choose to join a Credit Union to save ethically, benefit their local community and access fair, manageable loans.

Credit unions promote responsible lending and do not lend more than their members can afford to repay:

  • members are encouraged to save as well as borrow money
  • loans are fair and reasonable rates
  • wise money management is encouraged
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Save as you Borrow with FAIRshare

Regular savings from members create a “pool of money” which is used to offer fair, manageable loans to other members. When you borrow from us, we allocate part of your weekly or monthly repayments to your savings account. This creates a cash lump sum when you have repaid your loan. This is a great benefit when borrowing from a credit union. 

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Ethical Savings with FAIRshare

By saving with your local Credit Union, you know your money is being used for the benefit of the local community. Credit Unions run on a not-for-profit basis, with any surplus being put into reserves or paid back to members as an annual dividend.  The interest earned on loans pays for the credit union’s administration.

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What is the purpose of a Credit Union ?

Is my money safe in a Credit Union?

Yes.  As with banks and building societies, your savings are protected by the Financial Services Compensation Scheme (FSCS).  Should a credit union go out of business and be unable to repay its members in full, the FSCS will cover the full amount up to £85,000*.  Credit Unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

* For more information about the Financial Services Compensation Scheme (FSCS) click here to visit the FSCS website or download the FSCS leaflet…

FSCS Leaflet

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