Credit unions & Moneylines

Credit unions:

Credit unions are community based, not-for-profit financial co-operatives owned and controlled by their members. They offer savings and great value loans. Plus they are local, ethical and know what their members want.

Each credit union has a "common bond" which determines who can join it. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union.

There are about 530 credit unions in the UK, with over half a million members. Between them these members have savings of four hundred and thirty million pounds (£430 million).

Credit unions are regulated by the Financial Services Authority, and money saved in a credit union is protected by the Financial Services Compensation Scheme on the same basis as it would be if it was held in a bank or building society.

Click here to find a Credit Union near you or by looking in the Yellow Pages under ‘Credit Unions’.

Moneylines:

Moneylines are community development finance institutions that lend and invest in deprived areas and underserved markets that cannot access mainstream finance. They provide money for:

• Personal Loans
• Home improvements
• Back to Work Loans
• Working capital
• Bridging loans
• Property & equipment purchase
• Start up capital
• Business purchase