Phoenix Five Credit Union

Registered Office

WATCH Centre
12 Victoria Street 
Hillfields, 
Coventry 
CV1 5LZ

Telephone: 024 7622 5525.

Area Covered 

Hillfields, Foleshill, Charterhouse, Longford, and the City Centre.

Collection Points

St. Finbarr's Social Club, Stoney Stanton Road, 
Tuesday mornings: 
11.00 a.m. - 1.00 p.m. 

Cornerstone Family Centre, Howard Street, 
Friday mornings:
9.45 - 11.45 a.m. 

The Credit Union hopes to open more collections points in the near future.

What is a Credit Union?

A Credit Union is a not-for-profit co-operative organisation, which offers its members an easy to use savings and loans service.

What will you gain from becoming a Credit Union Member?

Credit Unions provide a range of benefits for their members. These are:

• Low cost loans charged at 1% per month (12.68% APR) - no matter how small the loan.

• Easy savings either at your local Credit Union savings point or direct from your bank account by standing order.

• Loans to suit your needs - interest is charged daily according to the amount you owe. This means you can pay your loan off early without penalty.

• No hidden charges, just a small membership fee when you join.

• The chance to get involved and help with the running of the Credit Union - a great way to learn new skills and meet new people.

• Credit Unions are profit sharing and so any surplus the Credit Union makes goes back to the members. 

• Members are covered by free insurance cover on their savings and on loans. (subject to eligibility).

Is my Money Safe with the Credit Union

Credit Unions are registered with the Government's financial watchdog the Financial Services Authority and are required by law to hold insurance, which protects members' money against fraud or theft. This means that you can count on your money being safe with the Credit Union.

Who runs the Credit Union?

Credit Unions are democratic organisations run by a board of directors. The directors are members of the Credit Union who are elected by their fellow members at the Annual General Meeting. This means that as a member you can have your say in how the Credit Union is run.

Can I get training or work experience through the Credit Union?

Credit Union volunteers receive free training and support. The training is useful and interesting and can lead to a recognised qualification. For many people volunteering is  a useful way to get back into work after a break because the Credit Union gives you the chance to brush up on your skills.

Once I'm a member of the Credit Union how soon will I be able to get a loan?

You must be over 18 to be a full Credit Union member and apply for a loan. 

Once you have shown that you can save regularly with the Credit Union you can apply for a loan.

Credit Unions are different from banks and building societies because they lend to members who are regular savers. If you are a regular saver then you will almost certainly be offered  a loan.

The amount of the loan that you can apply for is related to the amount that you have saved and is usually double your savings. This means that if you are thinking of borrowing it is best to start saving as soon as you are able.

How to join the Phoenix Five Credit Union:

New member will be asked to pay a small joining fee to the Credit Union. 

To join, you will need to fill in an application form. 

Click here to view a scanned image of the application form on your browser. It is a very large file (286 Kb) so it may take some time to load.  You will then need to print it. This is a scanned image, so you will need to fill in the form by hand. 

Alternatively you can collect an application form from Hillfields Co-ordination Centre, any collection point, or contact the Credit Union Support Team at Coventry and Warwickshire CDA on 024 7622 5255.

The Credit Union is partly funded by the European Union, European Regional Development Fund.