Tackle Your Finances through a Credit Union
Credit Unions are not-for-profit financial organisations that encourage those who live, work or study in the local area to save regularly. A Credit Union is owned by its members and offers cheap loans, insurance and a good rate of return on savings. If you need to borrow money, get your finances in order, or obtain insurance, they are well worth a visit. Credit Unions are particularly good at helping to strengthen the local economy. Their competitive rates and the fact that they only lend to those in the local area, means that the money that each borrower saves on interest finds its way back into the local economy.
Ealing Credit Union
In conjunction with Brent Housing Partnership (BHP) this service is a formal partnership with Ealing Credit Union (ECU) a local credit union.
Loan companies operate in Brent charging extortionate rates of interest and whilst a majority of residents are able secure financial services from mainstream banks there are those that could benefit from services provided by credit unions.
Ealing Credit Union, who has been serving the London Borough of Ealing for many years, have now extended their area of operation to include the London Borough of Brent as well.
What are the benefits of credit unions?
Anyone that lives or works in the London Boroughs of Brent or Ealing can join the credit union provided that they show proof of address and ID.
Savings
Ealing Credit Union has a number of savings accounts to assist its members in budgeting.
Loans
Ealing Credit Union loans are completely fee free. They charge nothing for arranging the loan, credit checking or early repayment. Interest rates on loans are fixed at a maximum of 2% per month of the outstanding balance but may be as little as 0.75% per month. We only charge interest on the outstanding balance of the loan so for example the interest that they would charge on a £1,000 loan repaid over 12 months would be £134.
Insurance
Member's savings and loan accounts are covered by loan protection and life savings insurance. This means that in the event that a member dies, any outstanding loan will be repaid and their savings will be enhanced by up to 100%.
How to apply
Complete the 'New member application' form from the Ealing Credit Union webpage and send back to them.
Contact details
For any queries or if you need any further information please contact Ealing Credit Union
Camden Plus Credit Union
Camden Plus Credit Union is a financial co-operative that offers saving facilities, low cost loans and insurance to all those, living, working or studying in the Brent wards of Kilburn, Brondesbury Park and Queen’s Park. If you need to save towards a holiday, get access to affordable credit, or have somewhere to receive and save your benefits, get in touch with Camden Plus Credit Union.
Camden Plus Credit Union is regulated by the Financial Services Authority (FSA), which means that your money is guaranteed up to £50,000. The Union is also covered by the Financial Ombudsman Service, who can take up and investigate any complaints against the organisation from its members.
Call 020 7372 5878
Ealing Credit Union
In conjunction with Brent Housing Partnership (BHP) this service is a formal partnership with Ealing Credit Union (ECU) a local credit union.
Loan companies operate in Brent charging extortionate rates of interest and whilst a majority of residents are able secure financial services from mainstream banks there are those that could benefit from services provided by credit unions.
Ealing Credit Union, who has been serving the London Borough of Ealing for many years, have now extended their area of operation to include the London Borough of Brent as well.
What are the benefits of credit unions?
- Assisting those on low incomes who are not able to open back accounts to save money
- offering savings facilities. A Credit Union account will enable residents to save regularly - they can start with as little as 50 pence
- providing a safe and convenient place to save money and access loans at a very reasonable rate of interest
- providing low cost loans in a bid to stop people turning to loan sharks when refused loans by regular banks and building societies
- unlike banks, credit unions redistribute profits to its members in the form of a regular dividend payment based on a percentage of the money individuals are saving
- offering other financial products and services such as a bill-payment facility.
Anyone that lives or works in the London Boroughs of Brent or Ealing can join the credit union provided that they show proof of address and ID.
Savings
Ealing Credit Union has a number of savings accounts to assist its members in budgeting.
- Everyone has to save in the main saving account and it is the amount in this account that will determine the size of any loan, after the "Introductory Loan", that you might want to take
- they also have a holiday or special occasions account so that you can plan for your holidays, birthdays or other special events.
Loans
Ealing Credit Union loans are completely fee free. They charge nothing for arranging the loan, credit checking or early repayment. Interest rates on loans are fixed at a maximum of 2% per month of the outstanding balance but may be as little as 0.75% per month. We only charge interest on the outstanding balance of the loan so for example the interest that they would charge on a £1,000 loan repaid over 12 months would be £134.
Insurance
Member's savings and loan accounts are covered by loan protection and life savings insurance. This means that in the event that a member dies, any outstanding loan will be repaid and their savings will be enhanced by up to 100%.
How to apply
Complete the 'New member application' form from the Ealing Credit Union webpage and send back to them.
Contact details
For any queries or if you need any further information please contact Ealing Credit Union
- Telephone number: 020 8756 3864
- Fax facility: 020 8573 7958
- Email: admin@creditunionsolutions.co.uk
- Post: Bungalow, Pinkwell Lane, Hayes, Middx, UB3 1PE
- Online: Ealing Credit Union
Camden Plus Credit Union
Camden Plus Credit Union is a financial co-operative that offers saving facilities, low cost loans and insurance to all those, living, working or studying in the Brent wards of Kilburn, Brondesbury Park and Queen’s Park. If you need to save towards a holiday, get access to affordable credit, or have somewhere to receive and save your benefits, get in touch with Camden Plus Credit Union.
Camden Plus Credit Union is regulated by the Financial Services Authority (FSA), which means that your money is guaranteed up to £50,000. The Union is also covered by the Financial Ombudsman Service, who can take up and investigate any complaints against the organisation from its members.
Call 020 7372 5878
