We are a not-for-profit financial co-operative serving the people of Carmarthenshire, Pembrokeshire, Ceredigion and West Glamorgan (common bond area) with fair and responsible savings and loans.
Our aim is to improve the financial well-being of our member-owners by providing ethical, affordable services that they are happy to continue using and recommending to their family, friends, neighbours, and work colleagues. We are here to help our members to afford their lives – not to make profit out of them.
We are proudly 'Access to Financial Services' Winners in the CUOW's Awards for 2020 & 2021 in testament to our pop-up branch project and digital services, bringing the Credit Union movement to a wider audience.
Thousands of adult members and junior savers have already joined our “Credit Union family” and we are working hard to make them proud of our achievements as we create a forward-looking organisation that plans to be here to serve generations to come.
What is a Credit Union?
For over 50 years credit unions in Britain have been providing their members with:
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Safe and handy ways to save;
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Access to responsible, affordable credit; and
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A range of value for money financial services.
Credit unions are owned by their members – the people who use their services – and everything they do is for their benefit.
As co-operatives, we serve our members on a not-for-profit basis. Being owners, our members have a big say in the way we operate and can vote to choose the directors who govern the organisation and make other important decisions. Each member's ideas and opinions are valued equally no matter how much or how little they have in savings.
It's a refreshing change from the big banks and other lending businesses who exist to make profits for their City shareholders and big bonuses for their managers.
Credit union members' savings provide a large pool of funds to lend to those members who wish to borrow. Interest on the members' loans (which – unlike many other lenders - is capped at an affordable rate, by law) pays the credit union's running costs and allows funds to be re-invested in further development. Any surplus funds are then paid back to the members as a dividend on their savings.
In a credit union, lending decisions are made by people, not computers. By carefully assessing each applicant's personal circumstances we focus on affordability and tailor the repayments to each member's situation.
Credit unions are passionate about encouraging young people to develop a savings habit from an early age, so that they enter adult life with a good attitude to money and become financially independent. We run school clubs and events to support money life skills.
Credit Unions have been supporting their local communities in this way since 1964 and now provide safe savings, affordable loans and other financial products to over 1.2 million members in Great Britain.
Across the world there are now 85,400 credit unions in 118 countries with over 274 million members. Find out more on the WOCCU website.
Joining your credit union and being a loyal member through life is one of the best decisions you can make, for you and your money. Whenever you need to borrow, always give your credit union a chance to help. That way, you are helping your community as well as yourself.