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The Co-operative Credit Union

The Co-operative Credit Union

1 Angel Square, Manchester, M60 0AG, United Kingdom

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0345 602 3554

Work hours
MO 09:00 – 17:00 SA closed
TU 10:00 – 17:00 SU closed
WE 09:00 – 17:00
TH 09:00 – 17:00
FR 09:00 – 17:00
About We offer affordable loans and savings products to employees, members & pensioners of a wide range of co-ops. Join us!
The Co-operative Credit Union cover
Mission Benefits of Membership
Open an account with the credit union today!

Safe savings
We are authorised and regulated by the FSA and our members’ savings are protected by the Financial Services Compensation Scheme.

Savings and loan repayments are via payroll deduction.

Affordable Flexible Loans
Loans available to New Members from 14.8% APR & 11.8% for existing members.

Annual Dividend
As a not for profit co-operative, our surplus profit is returned to our savers in the form of an annual dividend based on members’ shares during the year.

Free Life Assurance on Savings and Loans
In the event of the death of a member, any outstanding loan is settled in full and the next of kin may receive up to twice the member’s savings (subject to conditions).
Description What are credit unions?

A credit union is a co-operative offering current accounts, savings accounts and loans to its members. Traditionally, members have had to share something in common, such as a locality, industry or workplace. This is known as a common bond. In 2012, the law changed so that credit unions can offer membership to people who don’t share that common bond.

How long have they existed?

The first credit unions were formed in Germany in the 19th century, and the idea later spread to the US and elsewhere. The UK was late to the party: one of the first credit unions in Britain was the Hornsey co-operative, formed in 1964 by West Indian immigrants who couldn’t get access to loans from banks.

What is the advantage of joining a credit union?

Credit unions are run for the benefit of their members, not for shareholders, so there are no management charges on savings or loans.

They are a particularly good option for people who are on low incomes. Credit unions tend to be more more flexible than traditional lenders, says Lindsey Appleyard, a research fellow at Coventry University. “They respond to people’s needs; so if they need to wait an extra couple of days for their loan to be repaid or if they need to make the payments lower for a longer period of time, they have the facility to do so.”

Is the UK credit union movement growing?

Yes. Growth was slow at first, and it took 40 years for credit unions to reach half a million members. In the last 10 years, however, that membership has doubled: new figures from the Bank of England show that there are now 1.1 million adult members of credit unions, which have assets of £1.2bn.

The Association of British Credit Unions Limited (ABCUL) hopes that membership will reach 2 million by 2020. The movement has been helped to grow by £38m of funding from central government in the last two years.

What are the challenges facing credit unions?

Not everyone is aware of credit unions – they don’t have the capacity of pa
Founded 1998
Products SAVINGS:
Everyone benefits from regular saving, it allows us to work towards our financial goals and gives us peace of mind should an emergency arise. Committing yourself to a regular saving pattern can be difficult but we make it easier with payroll deduction.

Our members can save at an affordable level from as little as £2.50 per week. Small regular amounts soon add up and remember with a credit union you are not just another customer, but a co-owning member of an organisation which provides security and protection. Benefits include:

Save from as little as £2.50 per week;
Confidentiality is respected at all times;
No hidden charges or fees on any transactions;
Credit Unions are mutual organisations - members savings are pooled to provide the resources for lending to other members; and
Depending on reserves, shares are eligible for an annual dividend.
The table below gives examples of how regular savings can soon add up!

Available exclusively to our members

We will consider loan applications from our members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made via our website www.co-operativecreditunion.coop click in the top right corner 'Apply For A Loan', If you require an application form posting to you, please contact our team 0345 602 3554. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or be referred to Credit Committee.

What you need when applying for a loan
In deciding whether or not to grant the loan the loan officer or credit committee will take into account the member’s record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a loan agreement, which is a legally binding document being a promise t

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