credit-unions-352
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# Credit Unions

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General Public
content="99XX" scheme="ONS SNAC"
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LAWS Project - Starter Kit - http://www.laws-project.org.uk
LAWS Project - Starter Kit - http://www.laws-project.org.uk
Tameside MBC - LAWS project - http://laws.tameside.gov.uk
credit, unions
<h2>Miscellaneous</h2><span class="gen">email address here</span><span class="gen">phone number here</span><span class="gen">sms phone number here</span><span class="gen">fax number here</span><span class="gen">minicom number here</span><p><i>A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The members own and manage their credit union themselves.</i></p><hr/><p> <strong>The three main aims of a Credit Union are:</strong> </p><ul> <li title="*">To encourage its members to save regularly.</li> <li title="*">To provide loans to members at very low rates of interest.</li> <li title="*">To provide members with help and support on managing their financial affairs (if required).</li> </ul><h2> What are the benefits of a Credit Union?</h2><ul> <li title="*">It is an easy and convenient way to save and borrow.</li> <li title="*">It offers very low cost loans.</li> <li title="*">Insurance at no direct cost.</li> <li title="*">It's a way to learn new skills.</li> </ul><p>Credit unions can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and the benefit of the community as a whole with organised events, family fun days, quizzes, etc. </p><p>A credit union can help to revive the local economy by keeping money in the community. Loans to Members can mean income for local shops and businesses.</p><h2>Who supports Credit Unions?</h2><p>Churches, Community Groups, National Consumer Councils, Citizens Advice Bureau, Trading Standards, Police, Fire, Taxi Drivers, Local Authorities, etc.</p><h2>How do they work? </h2><p>The members make regular savings, as little or as much as they wish. These savings then form a common pool of money from which loans are made to members. When members have been saving for a certain period of time (usually about 12 weeks) they can apply for a loan from the pool. Interest on the loan is charged at only 1% per month on the monthly reducing balance. 12.68% Annual Percentage Rate (APR). </p><h2> <strong>Who can join a Credit Union?</strong> </h2><p>People who join a Credit Union must belong to what is called a &quot;Common Bond&quot;. This could be that you reside in a specified area, or you work for a particular employer or that you are a member of a club or association. </p><p>Credit Unions welcome everybody from within the Common Bond regardless of income, employment status or age. </p><h2>How do you join a Credit Union?</h2><p>If you wish to join a Credit Union but are unable to visit in person, the Council will arrange for a representative of the Credit Union Office to contact you. Please complete the <strong>

<a href="/ccm/services/pid.jsp?pid=forms/352a">on-line form</a> </strong>. <span class="gen">link to online form</span> </p><h2>How much do I have to save?</h2><p>Whatever you can afford - &#xA3;5 a week, &#xA3;1 a week, 50p a week. The only requirement is that you save regularly.</p><h2>Will I get interest on my savings?</h2><p>As a Credit Union grows it may declare a dividend at the end of the financial year. It can pay a dividend of up to 8% a year, although it will be unlikely to be able to afford as much as this during the first few years. </p><h2>How soon and how much can I borrow from the Credit Union?</h2><p>Most credit unions expect you to save regularly for about 12 weeks before allowing a loan and any loan will be related to your savings in some way. </p><p> The amount you will be able to borrow will depend on how much you need, what you can afford to repay, and the credit union's policies. In the early days the credit union will allow small loans, becoming bigger as the credit union gets ber. </p><h2>Security</h2><p>Credit Unions have to be registered with the Financial Services Authority (FSA). </p><p>They are covered by the Credit Union Act 1979. </p><p>They are independently audited. </p><p>They are regularly monitored by the FSA. </p><p> Your business is private in the credit union because all members and Officers who have access to personal information must act in a confidential manner at all times.</p><h2>Are they Insured?</h2><p>They are insured against fraud and theft. </p><p>They provide life and loan protection insurance at no direct cost to the member payable to a nominated beneficiary. </p><p>The life savings insurance means that if you die, your beneficiary can receive up to twice the value of your shares. </p><p> The loan protection insurance covers the amount of your loan outstanding. </p><h2>Where do Credit Unions exist?</h2><p>In most of the world, credit unions are well established. Starting in Germany 150 years ago they spread throughout Europe, to North America, Canada, Asia and to Ireland. One third of the adults in Ireland are members of a credit union. Credit unions are steadily increasing throughout the UK both in communities and the work place (eg. Police Force, British Airways, Fire Service, local authority employees etc.). </p><h2>Community and Employee Credit Unions in the Area</h2><table width="90%" cellpadding="5" class="centre" summary="Community and Employee Credit Unions in the Area"> <tr> <th>Name and Address </th> <th>Hours of Business</th> <th>Venue</th> </tr> <tr> <td> <span class="gen">enter details</span> </td> <td> <span class="gen">enter details</span> </td> <td> <span class="gen">enter details</span> </td> </tr> <tr> <td> <span class="gen">enter details</span> </td> <td> <span class="gen">enter details</span> </td> <td> <span class="gen">enter details</span> </td> </tr> </table><h2>Other Credit Union Sites</h2><ul> <li title="*"> <strong>

<a href="http://www.abcul.org/">The Association of British Credit Unions (ABCUL)</a> </strong> <span class="gen">link to external website</span> </li> <li title="*"> <strong>

<a href="http://www.aicu.co.uk/">The Association of Independent Credit Unions (AICU)</a> </strong> <span class="gen">link to external website</span> </li> <li title="*">

<a href="http://www.nacuw.org.uk/"> <strong>National Association of Credit Union Workers</strong> </a> <span class="gen">link to external website</span> </li> </ul><span class="gen">email address here</span><span class="gen">phone number here</span><span class="gen">sms phone number here</span><span class="gen">fax number here</span><span class="gen">minicom number here</span><span class="gen">postal address here</span><h3> <a href="/ccm/services/pid.jsp?pid=352"> Applications for services (352) </a></h3>