Setting up Eden Credit Union
Eden Credit Union study group hope to set up a credit union in Eden. We along with Cumbria County Council and others have given our support. But for the union to work it will need members - savers, borrowers and volunteers. It also needs a 1000 'pledges of interest'. The Eden Credit Union study group website has more information about pledging your support for a credit union.
What is a credit union?
A credit union is not-for-profit financial cooperative owned by its members (often called a mutual). Members savings put together to create a pool of money. This money can then be used to provide low cost loans to some members. Credit Unions are open to everyone who lives, works or studies in the areas they cover.
Are credit unions regulated?
Yes, credit unions are regulated by the Financial Services Authority and covered by their compensation scheme.
How do credit unions work?
A credit union needs savers, the more savers it has the more money it has to lend. Credit unions make money from lending money and some of this money is then given back to members as a dividend on the money they save with the union.
Who will run the credit union?
Credit unions are run by a board local directors on a voluntary basis. They may employ some staff, but they also will need a trained team of volunteers, who have various skills they can offer the union. Find out about becoming a volunteer.
How can I find out more about Eden Credit Union?
Contact: Eden Credit Union Study Group,
Address: Eden Community Unit, Penrith Library, St Andrews Church Yard, Penrith, CA11 7YA