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Gloucestershire Credit Union

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Gloucestershire Credit Union homepage

Author Gloucestershire Credit Union. Screenshot of Gloucestershire Credit Union website. [Accessed September 12, 2019]

About Gloucestershire Credit Union

Gloucestershire Credit Union offers convenient savings and low-interest online loans and services to its members. Gloucestershire Credit Union is owned and run by its members.

Anyone living or working in Gloucestershire can apply to join. Credit Unions are well acclaimed in Great Britain and are part of the co-operative movement. You can also volunteer to help manage the Gloucestershire Credit Union.

What is a credit union?

Credit Unions are community firms that provide a range of monetary services to their members. They are locally based and ethically run providing an affordable way to loan capital as well as a safe and secure place to save it.Credit Unions are for everyone and serve everybody’s monetary needs.

The three main aims of a Credit Union are:

  • To encourage its members to save frequently.
  • To offer quick loans to its members at fair and reasonable rates of interest.
  • To provide members with assistance and support on controlling their monetary affairs (if required).

What are the benefits of a Credit Union

  • It is a simple and convenient way to save and borrow.
  • It provides low-cost loans.
  • Insurance at no direct cost.

Gloucestershire Credit Union Services

No matter what you need, we now have a broad range of long and short-term loans for both new and existing members.

We have now made a decision to provide more services to a wider range of new and existing members. This allows more choice than ever before, we can borrow up to £10 000 over 5 years at interest rates from only 3,4% based on your circumstances.

Serve as you borrow

Gloucestershire Credit Union belongs to the people that are part of it, which means that when you lend from us, you are effectively lending from the other members. In order to have the capital to loan, we need our members to save.

While we always encourage our members to continue saving, even if only a little, while they pay back their credit cards and loans, it is a condition of our loans. We believe that having pot savings to fall back on is a valuable monetary safety net. Savings alongside your loan paybacks helps to build your savings and reduces your need to loan in the future.

Interest on savings

Credit Unions pay a dividend rather than interest. The members meeting in February 2018 is decided to pay a dividend of 0,25%. The dividend is not a warranty. A credit union will pay a dividend if it has a surplus after all running costs have been paid. Yes, the maximum amount you can have is your credit union savings account is £15 000. Have you thought of creating a Young Savers Account for your child? It is a great way to get them in the habit of saving for a rainy day.

Gloucestershire Credit Union Product Details

  • Loan Type Credit union loans

Summary of Services

  • Personal Loans
  • Short-Term Loans

Applying for membership with Gloucestershire Credit Union is easy

Membership of Gloucestershire Credit Union is available to anyone over the age of 18 living or working in Gloucestershire.

Any person under the age of 18 can apply to open a Junior Savers account. You may join Gloucestershire Credit Union using the form online or by completing a paper application form and bringing it to our office together with documents to ratify your identity.

How do Credit Unions work?

The members make regular savings, as little or as much they wish. These savings then form a common pool of capital from which loans are made to members.

Members who have been saving for a certain period time (normally about 12 weeks) can apply for a loan at lower interest rates than those without savings. The interest levied on personal loans is the credit union's income.

Who can join a Credit Union

The member's criteria of a Credit Union is called the Common Bond-Gloucestershire Credit Union has a Common Bond which includes all those who live or work in the County of Gloucestershire. This means that any person living or working in Gloucestershire can be a member of the Credit Union. We accept everybody from within the Common Bond regardless of income, employment status or age.

Quick online applications

Before proceeding to the online loan application form please make sure you have the following which is needed to complete the application process:

  • Your personal email address
  • Personal information.
  • Your bank account and shortcode

Checking your identity

As part of the joining process, we will not use an online identity check with a credit reference agency to ratify your identity and address. This is not a credit check and will not be recorded on your credit score.

Customer Reviews & Testimonials

March 2019

They're very affordable. They've got some of the lowest rates in the market

Kimberely A
— Manchester —

June 2019

Thanks to these guys I've managed to refurbish my beautiful home

Chloe V
— Bristol —

Gloucestershire Credit Union Contact Details

Physical Address

  • Central Library, Brunswick Rd Gloucester England GL1 1HT United Kingdom
  • Get Directions

Opening Hours

  • Monday 10:00 – 13:00
  • Tuesday 10:00 – 13:00
  • Wednesday 10:00 – 13:00
  • Thursday 10:00 – 13:00
  • Friday 10:00 – 13:00
  • Saturday 10:00 – 12:00
  • Sunday – Closed