Credit unions

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The people's bank

A credit union is a community savings and loans co-operative, where members pool their savings to lend to one another at a low rate of interest. Members use their credit union loans for a wide range of different purposes, such as: household or consumer goods, holidays, Christmas, school uniforms or DIY projects.

Credit unions are mutually owned and democratically controlled by their members. Their purpose is to provide their members with low cost, accessible financial services and is based on the principle of people acting together for their mutual benefit. Credit unions play an important role in addressing social exclusion, especially financial exclusion within our communities.

The credit union movement provides financial services on a community basis, with all decisions taken in the interests of members. Credit unions can help break the cycle which sees poorer families denied credit or finding it only from loan sharks, doorstep lenders and other sources which charge high rates of interest.

There are five community credit unions in Renfrewshire. All are managed and run by local volunteers who work to offer a personal and friendly financial service to their communities.

The continued success of credit unions is based on giving a much-needed affordable service of savings and loans to its members. Increasing the wealth of their community through members’ savings is a vital part of their business and new members are actively sought and always made welcome.

Credit unions are about 'people helping people'.

Benefits of joining a credit union

• Credit unions are for everyone whatever their financial circumstances
• It’s an easy way to save throughout the year
• You get access to low cost loans with no hidden costs or set up charges
• Savings and loan repayments are tailored to suit your individual finances
• You get free life insurance on your savings and loan balances
• You receive a friendly and local service
• Your money is safe and protected in the credit union

Why you need to save
Your savings create the pool of money, which is used by the credit union to make loans to your fellow members. This uses the wealth of the community for the benefit of the community.

Borrowing and paying back
Credit unions' lending methods vary. The credit union loan policy details the conditions that the membership have to comply with before they can borrow. However, each loan is granted on the individual members’ ability to repay the loan. Credit unions by law, can charge no more than 2% interest per month on the reducing loan balance (APR of 26.8%). But many charge less than this, normally 1% (APR of 12.68%). Check with your local credit union for its interest rate. You can borrow for anything that promises to be of benefit to you, for example: Christmas, holidays, weddings, bills, cars, household items, school clothes.

Is my money safe?
Yes! Credit unions, in common with other financial services such as banks and building societies are regulated by the Financial Services Authority. They also benefit from the services of the Financial Services Compensation Scheme, and The Financial Services Ombudsman Scheme. This gives credit unions members' the assurance that their money is as safe as in any bank, and any legitimate complaints they may have against the credit union will be taken up by the Financial Ombudsman.

By law, credit unions must also hold a fidelity bond insurance that protects members' savings against fraud.

Membership – who can join a credit union?
You can join a credit union only if you share a ‘common bond’ with other members, such as: Living or working in the same area; working for the same employer; or belonging to the same trade union, church or other association.

Any person over 16 years of age can be a member and save with the credit union. However, members must be 18 and over before they can apply for a loan. Many credit unions also have Junior Savers who can be joined from birth by a sponsoring adult member.

Why not join your local credit union? Joining is easy and you will be made most welcome. You will be required to provide proofs of both your identity and address, such as: a driving licence, passport, utility bill, rent book or benefit book. Like banks and building societies credit unions are required by Money Laundering regulations to obtain this information from members.

When you join, you can also ask about being a volunteer. Volunteers are the life-blood of credit unions, without them the credit unions could not function and new volunteers are constantly needed. Volunteers need no experience as they receive comprehensive in-house and specialist training. Many credit union volunteers have found the skills and experience they have gained from their credit union work has assisted them to gain employment opportunities.

Credit Union services in Renfrewshire

Credit union	Branches / Collection points	Opening times
Renfrewshire-Wide Credit Union 39 High Street Paisley PA1 2AF phone: 0141 889 7442 fax: 0141 848 6813 email: info@rwcu.co.uk website: www.rwcu.co.uk	39 High Street Paisley	Mon, Tues, Thurs and Frid 9.30am – 4.30pm Wednesday 9.30am - 12.30pm Saturday 10.00am – 12 noon
	St. Ninians Church, Blackstound Road, Ferguslie Park, Paisley	Wednesday 10am - 11am
	52 High Street Renfrew	Mon, Tues, Wed and Frid 10am-12noon Tuesday & Fri 2pm-4pm (for general inquries only)
	Cherry Centre Moorpark, Renfrew	Wednesday 1.00pm – 3.00pm
	Bargarran Community Centre Erskine	Thursday 6pm - 7.30pm
	Linwood Community Centre Brediland Road, Linwood	Thursday 7.30am – 8.30pm
	Tweedie Hall Ardlemont Sq, Linwood	Fri 10.30am – 11 30am
Gallowhill Credit Union Gallowhill Community Centre Netherhill Road Paisley PA3 4SF phone: 0141 889 1539	Gallowhill Community Centre Gallowhill	Tuesday 7.00pm - 8.30pm Saturday 10.00am - 11.30am
Glenburn Credit Union 18 Skye Crescent Glenburn Paisley PA2 8EL phone: 0141 583 4905 email: glenburn@ntlbusiness.com	18 Skye Crescent, Glenburn	Monday 10.00am – 2.00pm Tuesday 10.00am – 2.00pm Wednesday 10.00am – 5.00pm Thursday 10.00am – 2.00pm Saturday 10.00am - 12noon
	Rivers Community Building, Spey Ave., Foxbar.	Tuesday 10.00am - 11.00am
Johnstone Credit Union 26 Church Street Johnstone PA5 8DU phone: 01505 327 148 email enquiries@johnstonecu.co.uk	26 Church Street Johnstone	Mon to Thurs 9.15am – 3.00pm Friday 9.15am – 6.00pm Saturday 9.15am - 12.30pm
	Library Bridge of Weir	Friday 10.00 am – 12.30pm
White Cart Credit Union 73 Neilston Rd Paisley PA2 6NA phone: 0141 889 3005 fax: 0141 889 3005 email: whitecartcu@btconnect.com	73 Neilston Rd Paisley	Monday 10.00am - 12.30pm Tuesday 10.00am – 12 noon Wednesday closed all day Thursday 2.00pm – 4.00pm Fri day 10.30am - 12.30pm Saturday 10.00am - 12.30pm
Scotwest Credit Union 13 Elmbank Street Glasgow G2 4PB phone: 0845 634 7634 email: office@scotwest.co.uk website: www.scotwest.co.uk	13 Elmbank Street Glasgow	Mon to Thurs 8.30 am – 5.00pm Friday 8.30am – 4.00pm

Please contact the individual credit unions above for additional information on their services.

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