Although Credit Unions are not well known in this country they have been around for many years. In the United States there are 14,000+ branches, and in Ireland more than one in three people belong to one.
A more accurate name for a Credit Union would be a savings and loans club. Membership is open to anyone living or working in a 'Common Bond' area. A 'Common Bond' area could be residents of a specific area, working for a particular employer or a member of a club or association.
Members are encouraged to save regularly, and then borrow up to twice their savings, at a very low rate of interest. For example, a loan of £500 paid back over one year would only cost £32 in interest. Members are given free life insurance, with their next of kin receiving the savings plus an insurance payment. Loans are also insured at no cost - if you die your loan is paid off.
Local Credit Unions are run by unpaid, but professionally trained, volunteers, and are strictly regulated by the Financial Services Authority.
There are three local branches in the Great Yarmouth area:-
Lichfield and Southtown Credit Union
(Common bond area - Lichfield, Southtown and
the Great Yarmouth Borough Council office complex)
Contact: Catherine West
Tel: 01493 651307
Cobholm Island Credit Union
(Common bond area - Cobholm)
Contact: Ray Jacobs -
Tel: 01493 651330
Rainbow Saver Anglia Credit Union Ltd
(in partnership with the 2 other credit unions, the CAB and Great Yarmouth Borough Council)
Priory Centre Cafe
Priory Plane
Wednesdays 10am - 12pm
Neighbourhood Centre
143 King Street
Fridays 10am - 12pm
Contact:Julie@rainbowsaver.co.uk
www.rainbowsaver.co.uk for joining forms and other information
If you are interested in finding out more, please contact the Credit Unions direct