What are credit unions?
Credit unions are not for profit financial co-operatives owned and controlled by their members. They offer savings, great value loans and insurance products, plus they are local and ethical. Members pool their savings and these savings are lent out to other members who need to borrow.
As co-operatives, credit unions are founded on the values of self-help, responsibility and self-organisation. Their top priority is to promote the financial wellbeing of their members. As well as offering accessible and affordable loans and savings products, credit unions are not driven to make money for external shareholders but have to make decisions in the best interest of their members. Manchester Credit Union is a member of ABCUL (The Association of British Credit Unions Limited, which in turn is a member of the World Council of Credit Unions, which represents the credit union movement globally). WOCCU's aim is to promote the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services.
Manchester Credit Union (MCU)
MCU currently has 12,000 members, many of them in low paid jobs, who use the credit union to save and to borrow when they need to. When you do business with Manchester Credit Union you can talk to a friendly and local member of staff whose aim is to serve their members, and provide them with affordable and accessible financial services. MCU is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Savings are covered by the Financial Services Compensation Scheme.