Newport Credit Union is a not for profit co-operative who's main objective is to provide financial services to those who live and work in Newport. We provide low cost loans to the financially excluded, whilst also providing high value, low cost, credit to those who could access credit with other lenders. As we don't have shareholders any profit created is directed back to the business, and we always aim to provide a dividend to our members who are saving with us. We've estimated that we have saved the people of Newport over £250,000 that would have gone to high cost lenders and pay day loan sharks. This money can then be spent back in the community instead.
We provide low cost credit, and a safe place to save. We are protected under the FCA compensation scheme, and have a number of saving and loan products available to suit all members of our community. We also provide a place, along with the Pobl group, where members can save for up to a year for their bond, enabling them to have access to accommodation. One of most popular products is our Christmas Savings scheme, which is a locked account that can't be accessed until November 1st, enabling our members to have money saved in time for Christmas, without the temptation of spending it beforehand!
We also have a number of school savings clubs, teaching young people financial responsibility at a young age, giving them the skills needed as they grow.
