A credit union is a mutual organisation. This means that it is owned by its members, who reap the benefits of the business and keep the money in the local community. Essentially, it is a community based savings and loans provider.
If you like the idea of supporting your local community rather than seeing profits passed on to a bank’s shareholders, credit unions are something you should seriously consider.
Without the pressure of making profits, many credit unions are able to provide competitive financial services to local people who may not be eligible to borrow from banks and who may have needed to resort to very expensive payday lenders.
We have a number of students who use credit unions to top up their student support. By saving a little each month, they can then access an affordable loan to help bridge the gap in the summer months when student support payments are not made. When the next year comes, that loan can then be repaid in manageable instalments.
Credit unions are just as accessible as banks and often you can join online as well as check your savings account and loan repayments.
Before borrowing any money, we would suggest you take a look at our borrowing money page. This will help you work out whether you really need to borrow and offers advice that can help you work out the best way for you to borrow money if you need to.
We work closely with Right Way Credit Union, based only a stone’s throw away from the Paisley Campus. However, credit unions exist in many communities and you can find yours by searching Find Your Credit Union.
RWCU have created this video to tell you a bit more about how Credit Unions work, how to become a member and what products and services they generally offer. They also answer a range of other FAQs around credit union membership and this will give you a good overview of what is on offer via these organisations.
Right Way Credit Union Benefits video