A Credit Union for Sutton
Credit Unions are savings & loans co-operatives, dedicated to encouraging saving rather than borrowing. Unlike banks, there is no minimum savings sum or opening deposit. Small sums of savings are better than none.
In Croydon, the local Credit Union has 1,000 plus members saving with the Credit Union have amassed well over half a million pounds in recent years. The members’ savings form a pool of money that is available to lend to members at times of need. With no outside shareholders the loans are cheap and flexible, with the member deciding how much they want to repay.
Unlike any other financial institutions, Credit Unions offer a ‘Saver Loan’ scheme which sees part of the loan repayment credited to the members savings account. As the loan sum reduces, the member’s savings continue to grow, reducing the need to borrow over time.
Authorised and regulated by the FSA, Credit Unions provide a safe way to save. Every penny of savings is covered by the Financial Services Compensation Scheme in the unlikely event of failure. It is an excellent form of ethical investment, with every pound of savings being used to provide a real alternative to high interest and unscrupulous lenders.
As a co-operative, the services are friendly and flexible, with a real human face. It recognises the needs of ordinary people, and treats people as individuals.
A plan is in place to create a Credit Union for people in Sutton. If you would like to support the creation of a local credit union you can help by ‘pledging’ your support. You will then be informed when the new service becomes available. To download your ‘pledge form’ please click here|. For more information visit www.CroydonSavers.co.uk|, email them at credit.union@croydon.gov.uk| or call 0208 760 5711.