Council services

A Credit union is a financial co-operative owned and run by its members on a voluntary basis. Operating on mutual principles, it provides access to cheap loan finance, related to the level of savings you have, and your ability to save regularly.

Golden Sheaf Credit Union - www.goldensheafcu.co.uk

Providing Easy Savings and Low Cost Loans (1% a month) for everyone over 16 in Kettering Borough

Save or borrow for:

• Christmas
• Holidays
• Tuition Fees
• School Uniform
• Something for the house
• A special occasion
  

There are over 600 credit unions in Britain with over 200,000 satisfied customers. They are not-for-profit financial co-operatives, offering members the chance to save and borrow. The Golden Shea£ is a credit union for those who have lived or worked in the borough of Kettering for the past 6 months.

Benefits include...
Dividends
No hidden charges or fees
Loans at reasonable rates
Security and protection

Who owns and runs the credit union?
It is owned and run by its members who elect a Board of Directors at an Annual General Meeting. All members have an equal vote in the running of the credit union.

How do credit unions work?
Members save together regularly into a common pool of money from which they can borrow at a low interest rate.

How much must I save?
Members must save regularly, (minimum £1 a week/£5 a month).

Where and when do I pay in?
At a collection point, by Standing Order or Payroll Deduction with employer.

Do I earn interest?
Members receive dividends on their savings if the credit union makes a profit.

Withdrawals?
Your savings are accessible at all times.

When can I borrow?
Members must save for 13 weeks before they can apply for a loan.

How much can I borrow?
The amount is based on your total savings:-
1st loan = 1.5 times savings
2nd loan = 2 times savings
3rd loan = 3 times savings

What about repayment terms?
Repayments will be set to meet your circumstances, up to a maximum of 7 years. You can pay off your loan at any time without penalty.

Are there any charges?
Just a non-returnable membership fee of £2 when you join.

How do I find out more?
Call the enquiry service on 01536 482284 or drop into the Kettering Borough Council Municipal Offices drop-in service every Friday from 4pm to 5pm or www.goldensheafcu.co.uk.

Last updated: 02/04/2012