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Website attracts new members
03 May 2007
Since our website was launched at the end of 2006 we have...
Millom & District Credit Union Launch New Website
20 Dec 2006
Millom & District Credit Union Ltd have launched a new we...
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Credit Unions exist to encourage and provide the means for people to save regularly and to provide members with the means to access low-cost, fixed rate loans using their savings as collateral. Interest rates on loans are fixed by statute and interest is not payable on savings, although a union may declare a dividend to members from surpluses, which would usually be based on savings.
Credit Unions charge 1% interest per month (12.68% per annum) on the outstanding balance of a loan. In other words a member of the Credit Union borrowing for e.g. £100 over one year will pay £6.47 for the loan. There are no administration charges or penalties if you decide to pay off your loan quickly. 1% interest per month is charged on the outstanding balance, this being regulated by the Government.
Prior to moving to the current premises in May 2002, the Credit Union was open to its members for 9.5 hours per week. This enabled only a limited amount of business to be carried out. Within six months of opening the new office the opening hours have increased to 16.5 hours in response to demand by its members. The Credit Union will increase the opening hour per week as the demand arises, an further afternoon collection point is currently needed.