What is a Credit Union What is a Credit Union
A Credit Union uses the members' collective savings to fund low cost loans to other members. Anyone who lives and/or works in the Forest of Dean District Council Area may become a Member.
Save - whatever you can afford, from as little as a £1 per week. Children can also have their own savings account.
Borrow - once you have become a Member you can apply for a loan.
Loans - for members interest on our loans is charged at a maximum of 26.68% APR (2% monthly) - and there are no extra hidden charges. The amount you can borrow and the period of the loan will depend on your personal financial position.
Dividends - will be paid to you on your savings every year. This is agreed at the Annual Meeting.
Security - a member of the Financial Services Compensation Scheme which provides a safety net to ensure that you do not lose your savings. This scheme provides for a 100% compensation on the first £35,000 of your savings.
Benefits - unlike banks, we are part of the community and the people who run the Forest Savers Fund all live locally. Any loan is based on your ability to pay and the only criteria you have to meet is that you can show us that you will be able to meet the repayments. The loan interest rates on small loans are extremely low and you would be hard pushed to find a loan that betters this.
Like Local Exchange Trading Systems, Credit Unions keep money within the community, money that otherwise would shift towards the national UK commerce operations.
I'm interested - tell me more
| A Credit Union is a group of local people saving together and providing loans to each other. It is a not-for-profit business, locally owned by it's members. It provides a Savings and Loan service to it's members, run by member volunteers and is safeguarded by legislation and monitored by the Financial Services Authority. |