Credit Union - South East Northumberland (CUSEN)
A Credit Union is a non-profit making financial co-operative run by a small dedicated team of paid staff and volunteer members
If you are 16 and over and live, work or volunteer in South East Northumberland you can join the Credit Union as a full member – you need to be 18 to take out a loan. If you are under 16 you can become a junior saver, an excellent way to build up your savings for the future.
Members application forms can be picked up at any collection point or at the Credit Union offices.
The Credit Union allows its members to save money to invest in their children’s future.
Members pay £1.00 to join and then agree to save regularly (as little as £1.00 per week). Savings are flexible to suit the savers' needs.
All Credit Unions are regulated by the Financial Services Authority (FSA) and are bound by law to be insured against fraud and/or theft. A group of members known as the Supervisory Committee check that the Credit Union is running safely and taking care of members money. In addition, members are covered by life insurance and loan protection at no extra cost.
The Credit Union allows it’s members to borrow money so they can afford family occasions.
The money saved is available for low interest loans to members and you can qualify for your first loan after 13 weeks.
Members agree to continue saving small amounts while they repay their loan so that the money available for loans increases.
A Credit Union is the cheapest way to borrow money. The interest rate is fixed by Parliament at 1% per month (12.68% pa), on reducing the balance.
Example of £100 loan repaid over 12 months
Amount of loan £100.00
Interest charged £ 6.57
Total to repay £106.57
- The Credit Union allows its members to budget their money so they can afford protection.
- A Credit Union can help you plan better for family celebrations like weddings, birthdays, anniversaries and even Christmas.
- Can help you pay your household bills
- Help you buy shoes and clothes for your family
- Encourages you to save
- Gives the opportunity for its members to learn a new skill.
For further Information about Credit Unions please contact:
The Credit Union Team - Freephone: 01670 522779 - Office Hours Monday - Friday 9am - 1pm