About Norwich Credit Union
Welcome to Norwich Credit Union (also trading as Norfolk save and borrow.)
Since we were discovered in 1989, we have loaned out more than £15 million to our members. Any person who lives or works in the Norfolk area can apply to join.
How does the credit union work?
We are owned and run by our members and provide access to safe savings and cheap loans. All members agreed 18 and over can: Vote at the Annual General Meeting on dividend policy and other credit union situations. Stand for election to any of the officer's posts.
In return, we ask you to:
- Save at least £5 in the last 3 months of joining and save customarily.
- Consider a low-cost long or short-term loan from us, if you need to lend capital.
- Remember that all our members are affected if a loan isn’t paid back.
- Contact us as soon as possible if you get into payback struggles-we may be able to assist.
- Tell us when you change your email, address, mobile etc., so we can contact you quickly about your account.
Norwich Credit Union Services
All adult and junior members can save as much or as little as they can afford, by cash, cheque, savings card or standing order.
You can also transfer capital to your account by internet or phone banking.
Junior saver accounts interest
Dividend policy is considered yearly and adult members may recurve a credit union dividend, based on their share balance. Prepaid cash cards are accessible for use in shops, online and at ATM's. Members can also ask for a payment card, for paying capital into their account at PayPoint locations and post offices. You have to be a Credit Union member to apply for a loan. We grant loans for provident and fruitful e.g. household expenses, car maintenance, studies, holidays, etc.
How can you help:
- Help at one of the Norwich Credit Union service point.
- Issus newsletters and promoted leaflets.
- Partake in marketing or fundraising activities.
- Share your qualifications or skills (such as secretarial, administration, book-keeping, IT, marketing, web growth) to help the credit union.
Norwich Credit Union Product Details
- Loan Type Credit union loans
- Interest Rate from 9.8%
- Loan Amount up to £5,000
- Repayment 12 months to 36 months
Summary of Services
- Free life insurance
- No hidden fees
- Payless in interest for early repayment
At The Norwich Credit Union we have the best deals on loans
Credit cards are created for short term lending unless you pay off the balance every month can become a very expensive way to loan and for many people, a provider will decline a credit card to an applicant.
Banks normally charge set costs for fast cash loans and include penalty clauses for early payback or changes to a monthly payback. The interest on credit union is often affordable than bank or building society loans and they do not change to set up loans, nor do they include any charges for early paybacks.
Supervisory committee information
- Act as internal audit check, independent of the board and report to members.
- The Board also employ a part-time coordinator and appoint volunteer service point assistants.
They also authorise greater flexibility in both the initial paybacks and in the event of arrears. Credit unions will also try and sell you any added products because they are run by their members for their members.
In return, you have a chance to:
Learn new skills and attain valuable workplace experience - which may help you find a new job in monetary services or elsewhere.
- Meet new friends and get to know your community better.
- Support an ethical firm that benefits the whole of Norfolk.
The board of directors
The board members are all responsible to and elected by the members of Norwich Credit Union. Every member aged 18 and over is entitled a voice on how the credit union is managed can also consider running for the board themselves. It is controlled by its members. The credit union has a range of people serving on the board, each with a special mix of talents and experience to ensure it runs smoothly and effectively.
Why do people become members of credit unions?
There are a lot of reasons why someone would want to become a member of a credit union. They may be denied access to credit from a bank, building a society or payday borrower. It is often the most affordable available payday loan for their needs.
Some people may want to get into an accountable saving habit without being a consumer of a high street bank. Others may wish to save capital with community-based firms or create a safety net with the knowledge that they have on ethical, safe alternative for credit should an unexpected rear is ahead.
Customer Reviews & Testimonials
I got my LSD TV using their loan. It was easy to pay back
— Glasgow —
I use Norwich when I need money. I've become a loyal customer these passed few years
— Manchester —
Great lender. They don't try to exploit you like most lenders out there
— Liverpool —