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Millom & District Credit Union Ltd is a community based financial co-operative owned, run and controlled by its own members. All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union.

Millom & District Credit Union Ltd is a non-profit making financial co-operative run entirely by the people for the people. How do Credit Unions work for members? Savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save, and members have financial security through low cost loans.

When someone joins the Credit Union they open an account (savings). It is called a share account because individuals become part owner of the Credit Union. Millom & District Credit Union common bond area is a work or live membership, to cover the area from Bootle to Broughton in Furness.

Since Credit Unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.

What's so different about Credit Unions?

Everyone seems to be after your money these days. Newspapers are full of advert offering savings schemes or loans, so what makes a Credit Union different?

• An easy way to save
• A cheap way to borrow
• Insurance on savings and loans at no extra cost
• Profits returned to members
• Money stays in your community
• Regulated and insured so you know your money is safe
• Part of the world wide movement
• Savings schemes for young people too

Credit Unions aim to help you take control of your money by encouraging you to save what you can, and borrow only what you can afford to repay.

Once you have a reliable record as a saver (usually 13 weeks), you can apply to borrow from the Credit Union. As your savings grow you can borrow more.