There are lots of misconceptions or myths about how credit unions operate here’s our top ten myths busted!
Myth 1: Credit unions are only for people who are on a low income or have a poor credit history.
Fact: Just Credit Union is inclusive and there for anyone who lives or works in Shropshire or Telford & Wrekin, and it’s a great place to both save and borrow. Members are also supporting their local community and economy. What people save with us is what we lend to other local people and if you borrow from Just Credit Union the interest paid pays to run the credit union and not for the profit of national corporates.
Myth 2: Credit unions are only for people who want to borrow small amounts over short periods.
Fact: Whilst you can borrow as little as £300 over 3 months Just Credit Union can provide loans up to £15,000 and up to over 5 years.
Myth 3: Your money isn’t as safe as it is with a bank.
Fact: Your money is just as safe with Just Credit Union as it is in a bank, your savings are protected by the Financial Services Compensation Scheme (FSCS).
Myth 4: You have to be an existing member of a credit union before you can borrow.
Fact: With Just Credit Union you can apply for membership and a loan at the same time, there is no need to wait.
Myth 5: Credit Union rates are not competitive with High Street Banks.
Fact: Not only are Just Credit Union rates competitive you also benefit from no hidden charges, arrangement fees or early repayment charges and you also get free loan protection insurance to pay off your loan in the event of your death (conditions may apply). Take the rate challenge and check out our loan calculator
Myth 6: Credit unions are outdated and don’t have modern systems.
Fact: Just Credit Union is a progressive organisation and has made significant investment in modern systems including online application, digital loan signature, online member access and a secure communications App. However, if do you prefer to speak to us our friendly local support team are always happy to chat.
Myth 7: Opening an account is a difficult and lengthy process.
Fact: It is very easy to open an account with Just Credit Union; all you have to do is fill in an application form online or in hard copy if you prefer. Our friendly support team are happy to help if needed.
Myth 8: Credit unions have strict eligibility requirements.
Fact: For Just Credit Union its simple you just need to live work or study in Shropshire or Telford & Wrekin.
Myth 9: If you want to help your local credit union the best way is to save with them but if you can borrow elsewhere
Fact: Saving with a credit union definitely helps but so does borrowing. If you choose to borrow from Just Credit Union the interest you pay helps pay for the running of the credit union and investment in its future. As Just Credit Union is not for profit the interest paid stays in the local economy rather than going to the profits of national corporations.
Myth 10: Credit unions are not regulated like banks are
Fact: Just Credit Union are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.
