What credit unions can offer
- Flexible savings and loans
- No hidden charges or fees
- Annual dividend on savings
- Low rate of interest on loans
- Free life insurance on savings & loans
- Easy payroll deductions
"I saved through the credit union and then borrowed enough
to improve my home by building a conservatory."
(credit union member)
There are more than 600 credit unions in Britain with more
than 200,000 satisfied customers. Credit unions are non-profit
making financial co-operatives offering savings and loans that
exist solely to benefit its members.
Fairshare is a credit union just for those that live or
work in the Telford & Wrekin area.
"When my husband died I didn't have to worry about paying
his loan back because it was covered by the credit union. His
savings were also doubled which helped me a lot."
(credit union member)
Who can join?
Anyone who lives or works in the Borough of Telford &
Wrekin.
How do credit unions work?
Regular savings by Fairshare members create a common pool of money,
which in turn is used to provide low interest loans to members.
How do I save?
Members must save regularly, there is no set amount, you can save
as little or as much as you like. You can make payments at your
local office, by standing order or by payroll deduction. Free life
insurance cover protects your savings.
Members are paid dividends (interest) on their savings at
the end of the year. Details of dividend payments are available at
your local office.
What about withdrawals?
Members can withdraw their savings from Fairshare at any time but
are encouraged to continue saving because it will allow access to
larger loans and increase the overall amount available for lending
to all members.
Who can borrow?
Any member who is a regular saver with Fairshare. The amount that
you can borrow depends on your savings and full details are
available from the local office or by telephone. Your loan will be
insured at no cost to you.
How much interest do I pay?
Very reasonable rates of interest are charged and there are no
hidden fees. Interest is only charged on the reducing balance of a
loan.
For example, if you borrow £1,000 for a year and maintain
your regularly monthly payments, the amount of interest you will
pay is less than £70. The interest rate, by law, will be no more
than 1% per month, which equates to an APR of 12.68%.
"It's easy for me to save by standing order, which helps -
and it's been excellent for managing with university fees for our
son."
(credit union member)
What about repayments?
Repayments will be designed to meet your individual needs. If your
circumstances change Fairshare can advise the best course of action
and unlike many banks, you can clear off your loan at any times
without penalty.
Are there any charges?
Just a small non-returnable fee to cover administration when you
first become a member.
"I like the fact that the credit union is owned by local
people. It's convenient, friendly, and enabled us to have a
wonderful Silver Wedding celebration and the holiday of our
lifetime."
(credit union member)
What about young savers?
'Fairshare Fred' says "...you are never too young to start saving"!
Accounts can be opened for children from birth.
How do I find out more?
We are open 6 days each week - 9:00 - 5:00 Monday to Friday and
Saturday mornings - Please ring for details on 01952
282528. |