A recent article that was published in inews.co.uk showed that the membership in credit unions has soared as Britons struggled to get loans through mainstream lenders.

However, what are credit unions? Credit Unions are cooperative societies which are able to offer smaller, shorter-term loans to borrowers who may find it difficult to get loans through mainstream lenders.

They also charge lower rates of interest than specialist or sub-prime lenders, as credit unions charge below the maximum interest rate, an APR cap of 42.6 per cent set by the Government.

Credit unions are cooperative lending groups based on a common bond such as working for a particular employer or in a particular industry, or simply living or working in an area

Credit Unions can also provide better returns than the banks or the Building Societies. For instance, Thamesbank Credit Union declared a dividend of 0.25% to their savers this year, 2022.

Refer a friend or colleague or become a Thamesbank member today. Apply now.