Credit Union South East Northumberland
Save it Borrow It Budget for it
What is a Credit Union?
A Credit Union is a non-profit making financial co-operative run by a small dedicated team of paid staff and volunteer members.
Who Can Join?
If you are 16 and over and live, work or volunteer in South East Northumberland you can join the Credit Union as a full member Ė you need to be 18 to take out a loan. If you are under 16 you can become a junior saver, an excellent way to build up your savings for the future.
How Can I Join?
Members application forms can be picked up at any collection point or at the Credit Offices.
The Credit Union allows itís members to save money to invest in their childrenís future.
How does saving work?
Members pay £1.00 to join and then agree to save regularly (as little as £1.00 per week). Savings are flexible to suit your needs.
Is my money safe?
All credit Unions are regulated by the Financial Services Authority (FSA) and are bound by law to be insured against fraud and theft. A group of members known as the supervisory committee check that the Credit Union is running safely and taking care of members money. In addition, members are covered by life insurance and loan protection at no extra cost.
Borrow for a celebration
The Credit Union allows itís members to borrow money so they can afford family occasions.
How does borrowing work?
The money saved is available for low interest loans to members and you can qualify for your first loan after 13 weeks.
Members agree to continue saving small amounts while they repay their loan so that the money available for leans increases.
How much interest?
A credit Union is the cheapest way to borrow money. The interest rates are fixed by Parliament at 1% per month (12.68% pa), on reducing the balance.
Example of £100 loan repaid over 12 months
Amount of loan £100
Interest charged £6.57
Total to repay £106.57
Budget for It
Budget for Protection
The Credit Union allows itís members to budget their money so they can afford protection.
How can the Credit Union help me?
A Credit Union can help you plan better for family celebrations like weddings, birthdays, anniversaries and even Christmas.
A Credit Union can help you pay your household bills
A Credit Union can help you buy shoes and clothes for your family
A Credit Union encourages you to save
A Credit Union also gives the opportunity for its members to learn a new skill.
Seaton Valley Collection points
10am Ė 10.30am The Veterans Hut, Holywell
The Credit Union Team Freephone: 01670 522779
Office Hours Monday - Friday
9am - 1pm