Stevenage Credit Union

Stevenage Credit Union

At a glance

Causes

  • Financial inclusion
  • Local / community

Other details

Organisation type: 
Society, cooperative or credit union
Geographical remit: 
Local

Objectives

Our vision is that Stevenage Credit Union is known to everyone in Stevenage and North Herts who recognise that we can offer a real alternative to high street banks and other lenders.

We intend to make the Credit Union even more attractive to new members by providing them with modern services like those offered by high street banks based on the principles of ethical saving, borrowing and information on financial management.

Credit Unions are not for profit savings and loans co-operatives where people can save at a level to suit themselves and borrow at a reasonable rate of interest. Every Credit Union is owned and controlled by its members.

Stevenage Credit Union has been keen to ensure that its members, partners and stakeholders share its values and principles which are: -

Members first - every person who joins the Credit Union is an owner and has a say in the running of the organisation by attending the Annual General Meeting.

Democracy - every member has one vote and will only have one vote irrespective of how much money they have in their savings.

Participation - members are encouraged to take an active part in, and to develop a genuine interest in, the management of the Credit Union.

Self-help - training and education of members in the wise use of money and the management of their finances.

Equality - we treat all our members fairly and equally, regardless of who they are and where they come from.

Integrity - ensuring that the Credit Union abides by the legislative framework of rules governed by The Association of British Credit Unions Ltd (ABCUL), the Prudential Regulation Authority (PRA), the Financial Services Compensation Scheme (FSCS) and the Financial Conduct Authority (FCA).

Fair ways of working - we will aspire to be open and honest with the way our business is managed. We aim to constantly improve and welcome feedback from our members.

Stevenage Credit Union will not only follow these principles but will also encourage its members to do likewise.

Activities

Credit Unions operate by using savings to make loans to members, the interest from these loans is used to pay the cost of running the Credit Union, and when possible, an annual dividend to its members.

By saving with Stevenage Credit Union you can get your finances under control and start saving for a holiday, a special occasion, or household improvements. The sooner you start saving the better!

The Credit Union helps you by encouraging the saving habit. We offer several types of saving accounts:

  • Main saver account ( saving on a regular basis you may qualify for a loan if you should need one)
  • Christmas account which cannot be accessed until 1st November)
  • Junior account ( from birth to 16)
  • Holiday or special occasion account

We also offer affordable loans

You can take out loans for all sorts of things such as holidays, furniture, domestic appliances or special occasions. Our rates of interest range from 5% APR to 42% APR depending on individual loan products and personal circumstances.

There are other reasons for borrowing from us:

  • You can apply for a loan to suit your budget, our loans range from £100 to £5000
  • Our loan interest rates are much more affordable compared to other lenders including pay day lenders and door step lenders
  • Interest is charged on the reducing balance of your loan
  • Save while you borrow
  • There are no hidden charges or fees

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