In times when faith in the traditional banking sector and bankers has been severely dented, and when people are looking carefully at their money and who looks after it, then it’s good to know that ethical alternatives exist.
The Hull and East Riding Credit Union is a not-for-profit co-operative owned and controlled by its members. Presently it has over 5,600 members who all live or work in the East Riding – so no City investors to please! Established in 1999 its mission is to provide easy ways for its members to save and manage their money.
Since it was formed the Credit Union has helped its members by paying out over 11,000 low cost loans to the value of over £9 million. In particular they have a Freedom Loan which is available to new members to apply for – this makes available a low-interest loan of up to £500. This can be a extremely useful to anyone who is wanting to escape the clutches of a loan shark or a high-interest high-street lender.
A Credit Union encourages good personal money-management and will not bombard you with offers of instant credit. Instead it encourages you to develop the ‘habit’ of saving your own money – as little or as much as you want. As a co-operative you can also benefit from an annual dividend on your savings.
However, Credit Unions are much more than an ‘alternative’ to traditional banks – they are directed and governed by highly trained volunteers (elected by their members) who employ dedicated staff, all of whom actually care passionately about providing services for their community!
A Credit Union:
- is locally run by and for its members;
- shares out its surplus with its members;
- aims to keep money within the local economy; and
- works for local people and helps to build the capacity of their communities.
See Hull & East Yorkshire Credit Union for more information.
Credit Unions are registered with and regulated by the Financial Services Authority.