Credit unions

A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The members own and manage their credit union themselves.

The three main aims of a Credit Union are:

• 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)

The Financial Conduct Authority (FCA) oversees and regulates credit unions.

The Association of British Credit Unions Ltd (ABCUL) is the leading trade association for credit unions in England, Scotland and Wales. ABCUL represents around 70% of credit unions who in turn provide services to 85% of the British credit union membership