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.

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.