What are Credit Unions?
Credit unions aim to help you take control of your money be encouraging you to save what you can, and borrow only what you can afford to repay.
They are community savings and loan cooperatives, where members pool their savings to lend to one another and help to run the credit union. Credit unions have become more popular in recent years.
Why choose a credit union?
A credit union may suit you if;
- you want the flexibility to save what you can, when you can;
- you prefer a local cooperative that does not need to make profits for outside shareholders; or
- for any reason you are having difficulty opening an account with a high-street bank or building society.
Joining a credit union
A credit union can help you get your finances under control.
They may be more willing to help you than a high-street bank or building society if you have a low income, or do not have a previous record of borrowing. They:
- encourage people to save on a regular basis - weekly, fortnightly or monthly;
- accept small amounts;
- are willing to lend small amounts; and
- agree to loans based on how able you are to repay them and how much you need.
For information about Tees Credit Union you can ring 01642 753517 or use the web link below.
Web Links
Stockton Council is not responsible for the content of external websites.
What are Credit Unions?
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