Promoting safe money management for staff
Would you be able to identify staff members who may have difficulties with their personal finances? Payroll savings are a confidential and additional benefit you can offer staff so that they can make manageable savings for those emergency payments. Doing this through the ethical approach of FAIRshare credit union means your staff are in good hands. This avoids them being vulnerable to loan sharks and other unscrupulous organisations.
Some of our Partners already enjoying the benefits of Employee Payroll Savings…
FAIRshare is a not-for-profit community bank which has served the county for over 27 years. Read the Frequently Asked Questions to find out more about the benefits of belonging to a Credit Union.
FAIRshare Credit Union is a membership based organisation, similar to co-operative. Members have a say in how their FAIRshare is run and may receive a share of the profits – a dividend.
FAIRshare offers 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!
FAIRshare Credit Union customers are its members. Members choose to join FAIRshare 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. They do this by :
Regular savings from members create a “pool of money” which is used to offer fair, manageable loans to other members. At times when a member borrows from us, we allocate part of their weekly or monthly repayments to their savings account so they have a cash lump sum when they’ve repaid your loan. We call this ‘Save As You Borrow‘ and its one of the great benefits of borrowing from a credit union. Research shows that borrowers that save whilst paying pack a loan become habitual savers.
Credit Union interest rates are capped by their regulators which makes then considerably cheaper than many other lenders. They also offer flexible repayment terms without penalties and hidden costs.
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 or Telford & Wrekin can become a FAIRshare member.
By saving with your local FAIRshare Credit Union, you know your money is being used for the benefit of the local community.
We 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.
With flexible saving from just £1/week or £5/month and easy access to your money, FAIRshare provides a safe and secure home for your savings.
Save money with low cost, affordable loans exclusive to FAIRshare members. FAIRshare provides flexible loans from £50 to £7500, with a fixed interest rate and affordable weekly or monthly repayments calculated for up to five years.
Do you have a question about FAIRshare services? Our team is ready to answer all your questions.