What is a Credit Union?
A Credit Union is a member-owned financial co-operative, democratically controlled by its members, which offers convenient savings and low interest loans to its members.
Anyone over 16 who lives, works or studies in Tendring is eligible to join. There is no joining fee for under 16’s. TDC will pay the £3 joining fee for anyone who lives or works in Tendring.
Where can I access the credit union?
Clacton - Town Hall - every Thursday morning between 10am - 12pm
Harwich - Jobcentre Plus - every Thursday morning between 10am - 12pm.
Manningtree - The Hub - 07891 963005 - every Friday morning between 10am - 12pm
The three main aims of a Credit Union
- To encourage its members to save regularly.
- To provide loans to members at very low rates of interest.
- To provide members with help and support on managing their financial affairs (if required).
Benefits of a Credit Union
- It is an easy and convenient way to save and borrow.
- It offers very low cost loans.
- It's a way to learn new skills.
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.
- offer a safe and easily accessible home for your savings and the opportunity to obtain a loan on ethical terms at reasonable rates.
- can help to revive the local economy by keeping money in the community. Loans to Members can mean income for local shops and businesses.
About Colchester Credit Union
Colchester Credit Union Ltd., formed in 2002, is a Savings and Loans Co-operative open to anyone over the age of 16 years who lives, works or studies in the Borough of Colchester or District of Tendring. It is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. There is a Young Savers Club for young people under 16 years.
Savings can be of any amount up to a maximum of £10,000.00 and at a frequency to suit the saver’s circumstances.
Loan interest is 2% per month on a reducing balance. This works out at £13.47 interest per £100 over a period of 12 months. There are no set up fees and no penalties for early repayment. Loans may be granted after a short period of saving but small emergency loans can be considered outside this policy depending on circumstances. Loans are available for over 18’s only.