Credit Union Sustainability Partnership
As a community landlord we want to provide more than just our bricks and mortar housing. Our financial service Money Matters can provide a range of advice services but we are also part of a Credit Union Support Partnership with Westcountry Savings and Loans and eight other housing associations to help combat the issue of high-interest lenders and loan sharks. Our partnership aims to tackle the debt crisis resulting from these providers by helping people consolidate their loans into a lower interest loan from our credit union.
Who are Westcountry Savings and Loans?
Westcountry Savings and Loans is owned by, and run, for the benefit of its customers who are all members of the organisation. The company’s mission is “for people not profit” no profits go to external shareholders and any interest on borrowing is recycled back into the credit union to enable it to serve more customers and offer better rates, products and services for the benefit of communities across the south west.
If you need to borrow money, you can apply to borrow from £100 to £15,000, depending on your circumstances. Westcountry Savings and Loans look at all applicants and their circumstances individually. There are no set-up fees and you can choose to repay in affordable amounts either weekly, fortnightly or monthly. You may find that you pay back a lot less than you would with other lenders.
How can I join?
You can join online or you can call the Westcountry Savings and Loans office on 0800 304 7041 weekdays between 9.00am and 4.30pm.
Credit unions are financial cooperatives owned and controlled by their members. They offer savings and affordable loans and provide an ethical financial option for the communities in which they operate.
Your money is protected with a credit union in the same way as if you used a bank or building society; you are able to withdraw your money as normal and use it as any other account. Savings are secure with deposits of up to £85,000 covered by the Financial Services Compensation Scheme.
However, when you save with a credit union rather than a bank you are playing a part to help the wider community. When money is saved with them they are able to guarantee more low-cost loans to those in the local community.
A credit union can provide low interest loans to many people who may not usually be eligible or who would normally have to resort to high interest payday lenders or loan sharks.
Nothing! Membership is free to be part of the credit union, all you need to do is save at least £1 in one of their accounts and you will get an equal say with all other customers in how the credit union is run. Membership is open to all North Devon Homes customers, employees and partners.
Once you are a member you can start saving and borrowing with the credit union. They offer a range of different savings accounts, including a Christmas Saver, a children’s Junior Savings account and a Prize Saver where you have the chance to win a cash prize each month.
