Credit Unions

• What is a Credit Union?
• What are the benefits of a Credit Union?
• How do they work?
• How do you join a Credit Union?
• Security
• Credit Unions in Tameside
• Other Credit Unions Sites

Telephone List of Credit Unions in Tameside

What is a Credit Union?

A Credit Union is a financial co-operative, a form of community bank, owned and managed by its members. The objective of a Credit Union is to provide a community based facility for secure savings and a source of low interest loans for its members.

What are the benefits of a Credit Union?

• It is an easy and convenient way to save and borrow.
• It offers low cost loans.
• Insurance at no direct cost.

Some Credit Unions also offer death benefit insurance, which covers shares and loans, at no direct cost to the member.

Credit Unions can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and the benefit of the community as a whole.

A Credit Union can help revive the local economy by keeping money in the community.

How do they work?

Members make regular savings, as little or as much as they wish. These savings then form a common pool of money from which loans are made to members. When members have been saving for a certain period of time (usually about 12 weeks) they can apply for a loan. Interest on the loan is usually charged at only 2% per month on the monthly reducing balance, 26.8% Annual Percentage Rate (APR). The interest charged on loans is the credit union's income.

If the Credit Union makes a surplus this money is divided between the members in the form of a dividend.

Loan Repayment Interest Table

APR fixed at 26.8% for repayment over 52 weeks. Please note this is for illustrative purposes only:

How do you join a Credit Union?

Have a look on the Credit Union’s website.

www.cashbox.org.uk or www.manchestercreditunion.co.uk

Security

Credit Unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Your money is protected by the Financial Services Compensation Scheme (FSCS) in the same way as UK regulated banks and building societies up to £75000.

Credit Unions are independently audited every year.

Credit Unions in Tameside

Cashbox Credit Union
Cash Box Credit Union Council Offices Clarence Arcade Stamford Street Ashton-Under-Lyne Tameside OL6 7PT  0161 342 3266 www.cashbox.org.uk	Hours of Business: Monday to Friday:  9.30am – 3.30pm Collection Times: Tuesday:  10.00am - 12.00 noon Friday:  11.00am - 1.00pm
Denton Denton Town Hall Market Street Denton M34 2AP  0161 342 2358	Collection Times: Monday: 1.00pm - 2.00pm Friday: 10.30am - 12.30pm
Hyde Stall 24 Hyde Market Hall Hyde SK14 2QT  0161 366 8598	Collection Times: Wednesday: 10.00am - 12.00pm Saturday 09.30am – 11.00am
Stalybridge – Big Local Hub Ambleside Stalybridge SK151EB  0161 465 5447	Collection Times: Monday: 1.00pm – 4.00pm Wednesday: 9.00am – 12.00noon
Manchester Credit Union
The Hub Stockport Road Mottram Hyde SK14 6NT Website: www.manchestercreditunion.co.uk    0161 368 0894 info@manchestercreditunion.co.uk Twitter: https://twitter.com/CUManchester	Hours of Business: Monday - Friday: 9am – 12.30pm

Credit Union Trade Associations

• The Association of British Credit Unions (ABCUL)
• UK Credit Unions Ltd