A Credit Union

A Credit Union is a co-operative  whose members share together and from its members can borrow money at low rates of interest.  Eligibility for membership of a particular credit union is based on a "common bond", for example living in the same area, or working for the same firm or having membership of the same social organization or church.

Weston Favell and District Credit Union is a long established and well respected community based Credit Union. Established in June1976, it now has a membership of about 350 and assets in excess of £100,000. Savings contributions are made to fit individual circumstances, be it by weekly payment to a local collector, or at the monthly Credit Union meetings, or through direct debit Mandate. The officers and Committee Members are all volunteers and give considerable amounts of their free time. Members meet monthly in a local community centre, both to consolidate their 'bond and to democratically conduct the business of the organisation.

The common bond of Northamptonshire Postal Workers Credit Union established in August 1991, is, as the name suggests, the field of the member's work. it already has a membership of over 360 and a fund of £140,000. Of the total fund, about half is out on loan most of the time.  As there are over 2000 workers in the county, the Credit Union expects to keep on growing.