Credit Unions.
They exist for you, not them.
Credit Unions exist all over the country providing fair and affordable finance options to those excluded by mainstream banks.
350+ Community UK direct lenders
No contact details required for a match
Personal and inclusive lending
Representative 28.3% APR
What is a Credit Union?
A Credit Union is a community-led bank, owned by its members. They differ from regular banks because they are not out to make big profits. Instead, Credit Unions focus on helping their members improve their financial well-being with better rates for saving and borrowing.
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To join a Credit Union you need to have something in common with the other members. This is called the "Common Bond" and is often related to where you live or work. Each Credit Union will have its own Common Bond.
What services do they provide?
Credit Unions offer a range of financial services, much like traditional banks, but with a community-focused approach. Their services often include:
Loans
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Savings Accounts
Current Accounts
Financial Education
So is a Credit Union like the Bank of Dave?
For those of you that have seen the hit film "Bank of Dave" you may be thinking - Is Dave's bank a Credit Union?
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Whilst both are focused heavily on helping their local community, the Bank of Dave is not a Credit Union. This is because Credit Union's are owned and operated by their members.
How to find and join a Credit Union
Over 350 Credit Unions are operating in the UK, each with individual membership criteria. Comuno can help you locate which ones are suitable for you to join and then check your eligibility for a loan.
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Here's how it works...
Step 1 - Find your Credit Union
Based on just your postcode, work or existing associations we'll narrow you down a suitable Credit Union.
Match in 30 secs with no contact details
Step 2 - Check your eligibility
You can then check your eligibility for membership. If we're unable to check this with a particular Union we'll direct you to their website.
Application sent direct to lender
Step 3 - Become a member
You can then complete your application with the Credit Union. Once the application has had a final review and been approved you are a member and able to utilise their services.
Why use a Credit Union?
Using a Credit Union could offer a more affordable and inclusive alternative to traditional banks. Here's why...
To borrow money
Cheaper than most alternative loan options
Short and long term loans for all purposes
Strong ethical stand point
Led by customer wellbeing and not profits
Inclusive lending for diverse credit history
To save money
Simple and flexible saving plans
Save whilst you earn with employer schemes
Receive dividends on your savings.
Savings protected by the FSCS up to £85,000
Credit Union Loans
A loan from a Credit Union can be a flexible way to access and use credit for a variety of purposes and circumstances.
Personal Loans
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Loans for Bad Credit
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Short term loans
How do the price of Credit Union Loans compare?
Below is an example of how a Credit Union loan compares to an alternative finance provider, both existing to service those unable to access mainstream finance.
Community Finance*
Loan amount: £3,000
Loan term: 24 months
Monthly Repayment: £165.12
Total you will repay: £3962.99
Representative APR: 28.3%
Representative Example: Borrowing £3,000 over 24 months at an interest rate of 28.3% p.a. (fixed), you will repay 24 monthly payments of £165.12 per month. Interest Payable £1962.99. Total Repayable £3962.99.
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*Rates from TransaveUK on the 18/01/24
Alternative Lender*
Loan amount: £3,000
Loan term: 24 months
Monthly Repayment: £237.75
Total you will repay: £5,706
Representative APR: 99.9%
Representative Example: Borrowing £3,000 over 24 months at an interest rate of 71.3% p.a. (fixed), you will repay 24 monthly payments of £237.75 per month. Interest Payable £2,706. Total Repayable £5,706.
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*Rates taken from Everyday Loans 18/01/24
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How does Community Finance differ from traditional banking?Unlike traditional banks, Community Finance institutions often focus on financial inclusivity and community wellbeing. They provide services tailored to those who may be underserved by mainstream financial institutions.
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Who Can Benefit from Community Finance Services?If you have difficulty accessing services from traditional banks, due to poor or thin credit history, low income, or if you're just seeking more community-oriented financial solutions, Community Finance is for you.
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Are Community Finance institutions safe and regulated?Yes, like traditional banks, Community Finance institutions are regulated and must adhere to financial regulations, ensuring they operate safely and in the best interest of their customers.
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How do I find a Community Finance provider near me?You can use the Comuno Community Search tool, which matches you with providers based on your postcode and other basic criteria.
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What kind of customer service can I expect from Community Finance providers?These providers typically offer a more personalised customer service experience, focusing on individual needs and community wellbeing.
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Are interest rates competitive?Community Finance providers often offer competitive interest rates, especially compared to high-interest alternatives like payday loans.