|
Renfrewshire-Wide Credit Union Limited |
|
| The new Renfrewshire-Wide Credit Union commenced operations in September 2006. A new central branch has been opened at 39 High Street, Paisley, offering Credit Union financial services to everyone who lives or works in Renfrewshire. Branch points continue to service members at a local level. |
|
|
Working to provide Credit Union Financial Services for everyone in Renfrewshire. - An easy way to save
- A fair way to borrow
 - Insurance on savings and loans at no extra cost to members
- Profits returned to members
- Money stays in the community
- Owned and run by the members, for the benefit of members
- Regulated and insured so that you know your money is safe
- Part of World Wide movement
- Savings scheme for young people
|
|
Credit Union! What's it all about? |
|
| "A Credit Union is a form of brotherly love. You simply take what extra money you have, your savings in your sock, and let your neighbours use it for a while, only you don’t demand his or her right arm as security”. Rev. Dr James Tomkins, Nova Scotia
|
|
|
But, what is a Credit Union and what's diferent about them? |
- A Credit Union is a community savings and loans co-operative owned and controlled by its members
- They use the savings of their members for the benefit of their members
- Credit Unions are for everyone in the community regardless of age or income
- They are ‘not for profit’ organisations
- The aim of a Credit Union is to encourage members to save and give them access to borrowing at a low rate of interest
- All surplus Credit Union profits are returned to members in the form of dividend on their savings or in reinvestment in the Credit Union to provide enhanced services
|
|
Benefits of Credit Union Savings |
 | - Credit Union members can save as often as they like and, up to certain legal limits as much as they like
- Members’ shares are pooled and provide the resources for lending to other members.
- Life insurance on savings and loans is provided at no extra cost to the member
- Shares, dependent on Credit Union reserves, are eligible for an annual dividend
|
|
|
|
Benefits of a Credit Union Loan |
 | - Loans for all types of purposes e.g. Christmas, D.I.Y., holidays, weddings, home improvements, cars, white goods etc.
- A fixed low interest rate is charged only on the amount still to be repaid - not on the total amount borrowed
- Members’ outstanding loan balances are protected by life insurance which is provided free by the credit union
- Loans are tailored to individual needs with affordable repayment terms - you can borrow small or large amounts
- There are no arrangement, set up or hidden fees
- There are no penalty charges for early repayment of loans
|
|
|
|
