Credit Unions  

Credit Unions are co-operative organisations that offer a means of saving and borrowing for everyone. As a cooperative all members are treated equally, particularly when it comes to borrowing money. Members are offered the same rate of interest 1% per month on the reducing balance (12.68% apr). The size of the loan    is determined by  regular savings, not by a member’s income or their financial status.

As an example a member borrowing £100 over one year would pay just £6.58 interest.

Credit Unions also offer free life insurance on savings and loans (subject to conditions) and are part of the Financial Services Authority  Share Protection Scheme making deposits as safe as any bank or building society . Credit unions are also part of the Financial Ombudsman scheme should members have any complaints. All Credit unions are  authorised and regulated by the Financial Services Authority just like other financial institutions.

Coventry West Credit Union

Coventry West was formed in September 2003 by the merger of  three credit unions and now covers the whole of the city centre and west to the city boundary. In Hillfields the former Phoenix Five Credit Union has collection points at Cornerstone Family Centre ( Fridays 9.45 – 11.30) Howitzer Club ( Fridays 7.00 – 8.00pm),  plus many more in other parts of the city. Members can also pay by standing order and city council employees can have the money taken out of their pay.

An office has now been established at St Peter’s Centre as the administrative centre for the credit union and with help from the  Hillfields Objective 2 programme, it is planned to open a shop that will be open during office hours within the next year. This will give a large boost to the credit union, making it much more accessible to local people.

Anyone who wants to find out more can phone the office on  7663 3456 or use the credit union HOTLINE 7622 5525