Credit Unions in Glasgow
Over the last decade, Glasgow City Council has undertaken an innovative and ambitious programme to develop credit unions as a professional and credible solution for citizens blighted by financial exclusion, poverty and debt. A key objective of this support has been to encourage efficient and effective working methods and to drive up the capacity and professionalism of credit unions. This has resulted in a major expansion of credit union membership across the city. Glasgow now has the largest credit union membership of any city in the UK. From a membership of 3% in 2001, membership has grown significantly to 22% in 2010. This equates to over 135,000 members across 34 credit unions, with a financial asset portfolio in excess of £183m.
What are Credit Unions?
Credit Unions are financial institutions formed by an organised group of people with a common bond providing members with flexible savings, loans and a range of other financial services.
What is the common bond?
The common bond is the factor which unites all the members of a credit union - it is what all members have in common. Typical common bonds are:
- Community bond (where all the members live, and in some cases work, in a particular locality)
- Occupational or Associational bond (where all members are in the same profession or occupation, or work for the same employer or are in the same society)
What are the key benefits of joining a Credit Union?
- Provide loans at low rates of interest
- Pay an annual dividend on savings
- Offer a wide range of quality financial products and services
- Offer tailored financial solutions
- Comply with and protected by Financial Services Authority regulation
- Are ethical and not driven by profit
- Are easy to join and local
Glasgow has an extensive network of credit unions which includes community, occupational and associational credit unions, large and small, employee and/or volunteer run.
To find out more about credit unions that you can join, visit http://www.cucity.co.uk/.
For further information please contact:
Economic and Social Initiatives
Development and Regeneration Services
229 George Street
Phone: 0141 287 8553