As part of our Wider Role Strategy, Faifley Housing Association is committed to encouraging our residents to save but also to identify possible sources where they can access funds at a minimum cost and with no hassle.
We are aware that many of our residents are unable to access funds via Banks etc which has resulted in them obtaining loans at a rate which is completely unacceptable. As a result of this, we have agreed to jointly promote the services of Faifley Credit Union. This is a cheap and convenient way to save and borrow.
What is a credit union?
A credit union is a financial co-operative owned by its members, run on a ‘not for profit’ basis. It has a volunteer Board of Directors elected from its membership and volunteers run the day-to-day business. The common bond (membership eligibility) currently covers anyone living or working in Faifley. Plans are in place to extend this to cover Hardgate, Duntocher and Goldenhill.
Saving with your credit union
Members are encouraged to save as well as borrow from the credit union. Savings are known as shares and can only be withdrawn when not held as security against a loan. All savings carry automatic Life Assurance at no extra cost and the insurance payment will be paid to the beneficiary. In addition to the sum saved, a dividend may be paid annually.
Borrowing from your credit union
Interest charged by credit unions is fixed by law and can be no more than 2% per month on the reducing balance. Most loans, however, are charged at a rate of 1% per month with an APR of 12.68%. Credit unions aim to be responsible lenders and try to assist people in borrowing what they can afford.
Methods of payment
Deposits and loan repayments can be made in several ways and can be combined: e.g. standing order and cash. One payment can be split to credit any number of savings, loans and junior accounts. It is our intention, in the future, to have a website which allows members to check their accounts online.
All business within the credit union is conducted in the strictest confidence and each elected member and staff member must sign a pledge of secrecy that is binding for life. Credit Unions are fully compliant with the Data Protection Act 1998 and are regulated by the Financial Services Authority (FSA).
Faifley Credit Union provides lots of different services and you can contact them on:
Telephone number: 01389 872510 or email: email@example.com