Tel: 01743 252325

21 September 2017

Frequently asked Questions

What Is A Credit Union?
A Credit Union is a financial co-operative which offers a convenient way to save and low interest loans to its members giving any profits (after operational costs) back to members.

How Do I Become A Member?
Anyone living or working in Shropshire including Telford & Wrekin, can apply to join.

Who Runs Credit Unions?
Members of the Credit Union are elected to the Board that helps to run the Credit Union. All Credit Unions are registered in accordance with the Credit Unions Act 1979, the Industrial and Provident Societies Acts 1965-78 and the Financial Services and Markets Act of 2000. Credit Unions are required to be audited once a year and submit the accounts to its members and the Financial Services Authority. Just Credit Union is authorised and regulated by the Financial Services Authority. This means that your money is as safe with just Credit Union as with a bank.

Are Credit Unions Insured Against Fraud Or Robbery?
Yes. The Treasurers, and all other persons handling the money or books, are bonded, so in the event of dishonesty or robbery, members' money would not be lost.

Is My Business Private In A Credit Union?

Yes. All officers and volunteers must sign, and are bound by, a declaration of secrecy form.

How Much Do I Have To Save?
As little or as much as you can afford on a regular basis. Savings can be made by standing order. payroll deduction, at a local collection point or by using a payment card at any post office or pay point.

How Do I Get A Loan?
Anyone who has been a member, has started saving and is over 18 years old is entitled to apply for a loan. The credit committee will look at your savings record and your ability to repay when deciding whether or not to grant a loan.

What other benefits are there when I become a member?
Free life insurance - We provide FREE* life insurance to all our members. Members savings (up to 5,000) will be matched by our life insurance company and paid to an identified beneficiary in the event of a members death. Loan balances - up to the value of 5,000 - will also be cleared by our life insurance company.

So, What Will It Cost You To Borrow?

See our rates examples.

What Do You Offer To Young Savers?                                                                               Credit Unions in the United Kingdom have hundreds of young savers, most of whom save at collection points with local schools. It has proved to be a valuable aid in helping gain numeracy skills and encouraging them into the savings habit. We have found them to be enthusiastic savers. In adult life these foundations will make them wise borrowers.

How Did Credit Unions Start?
Credit Unions originated in Germany and were founded by Fredrich Wilhelm Raffeisen, the Mayor of a small town in Southern Germany, who in 1849 formed societies, which later evolved into Credit Unions, for the purpose of assisting people to help themselves out of debt and poverty. Credit Unions operate, not for profit or charity, but to serve their members. Each Credit Union is a separate, autonomous organisation and manages its own affairs. However, we work closely together with our neighbouring Credit Unions and strive to develop and share good practice. We all aim to provide a useful financial service to our members and are proving to be remarkably successful. Credit Unions have granted hundreds of loans to local people at very low rates of interest.

*conditions apply