A Credit Union is a very simple idea. It is a savings and loans scheme. People save together and can then take out low interest loans from the combined savings.
The Credit Union charges interest on loans to members and place the rest of the savings in a bank. The interest the Credit Union earns provides for the running costs of the Credit Union, and to pay a dividend (a return) to members in proportion to their savings once running cost have been met.
Yes. All loans and savings are covered by insurance at no cost to the member. Credit Unions are registered under the Credit Union Act 1979 and are regulated by the Registry of Friendly Societies to ensure that members' money is safe.
If you live in
Ilfracombe
Combe Martin and Berrynarbor
West Down and Bittadon
Morthoe and Woolacombe
You are eligible to join.
It's easy. For any information or an application form just call into our shop, or our other collection points during opening hours, or telephone Mrs Shirley Jones on Ilfracombe 879201.