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Your Credit Union A better way to save and borrow. Presentation by Gareth Evans: April 2013. What are credit unions? Operates like a local ‘community bank’. Financial co-operative that is owned and controlled by its members and is run for the benefit of its members and the community.

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Your Credit UnionA better way to save and borrow

Presentation by Gareth Evans: April 2013

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What are credit unions?

  • Operates like a local ‘community bank’.
  • Financial co-operative that is owned and controlled by its members and is run for the benefit of its members and the community.
  • Not-for profit organisations – social benefit provide an ethical and local choice to mainstream financial service providers.
  • Provide safe and convenient saving facilities for its members with annual dividends.
  • Provide good value, accessible and flexible source of credit (maximum credit union loan rate of 26.8% APR) - very competitive particularly with extortionate sub-prime lenders 164% APR – 1,200% APR and illegal lenders
  • Regulated and monitored by the Financial Services Authority – members savings are 100% safe.
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What are credit unions?

Worldwide:

  • There were nearly 50,000 CUs in 96 countries, enabling 177 million members to access affordable financial services.
  • In Ireland, 50% of the population belong to a credit union, in America and Australia, the figure is around 30%.
  • United Kingdom:
  • As of March 2012, there were approximately 405 registered credit unions in UK with more than 1 million members and around £750m in saving assets and £605 out on loan.
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About Your Credit Union?

  • Your Credit Union’s goal is to provide safe, sensible and socially minded financial products and solutions to our members, to help them achieve their goals independently and responsibly.
  • Has been established on three founding principles or values:
  • We will be owned and controlled by our members.
  • We will be professionally run.
  • Our work makes the community a better place
  • It is supported by the main stakeholders in the borough including:
  • Royal Borough of Kensington and Chelsea,
  • Kensington & Chelsea Partnership,
  • the local Primary Care Trust,
  • Various social housing providers (KCTMO, Octavia Housing, Catalyst Housing, Affinity Sutton, WPH, L&Q)
  • Local voluntary sector (e.g. KC Social Council, Octavia Foundation) and
  • Local advice agencies.
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About Your Credit Union?

  • Who can join?
  • Membership is available to anyone who lives, works or studies:
  • Royal Borough of Kensington and Chelsea
  • or
    • Hammersmith and Fulham
    • Westminster
    • Queen\'s Park and Kensal Green wards in Brent
    • St. Mary\'s Park and Queenstown wards in Wandsworth
  • You can also join if you are a tenant of the following housing associations:
  • Catalyst Housing
  • Octavia Housing
  • Women\'s Pioneer Housing
  • Notting Hill Housing
  • Local businesses / organisations will soon be able to become a member of Your Credit Union to deposit funds
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Financial Service – Savings:

    • Save as much or as little as you like.
    • Risk free and accessible range of savings accounts – your money is 100% secure.
    • Easy ways to deposit by standing order or via payroll (and coming soon PayPoint card).
    • Easy ways to withdraw by transfer to your nominated bank account (and coming soon Pre-paid card)
    • Annual return of profits via annual dividend (depends on how successful CU)
    • Different saving products – Foundation Accounts (lump-sums) Christmas, Holiday, Young Savers
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Financial Service – Loans:

    • Instant access to small to medium sized loans at competitive interest rates.
    • Anyone who becomes a member of Your Credit Union will be able to apply for a loan.
    • Simple and straight forward to apply with quick decisions.
    • All loans are responsibly lent to ensure that members can afford the loan and the repayments.
    • Interest rates vary between 12,7% APR and 26.8% APR depending on how long you’ve been a member and how much you wish to borrow.
    • There are no arrangement feesand no hidden costs.
    • No pre-payment penalties if you decide to pay the loan back early so the quicker you pay back your loan the less you have to pay in interest.
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Financial Service – Loans:

  • Example borrowing - interest costs of borrowing £500, repaid over 52 weeks.
  • YCU loan (maximum 26.7% APR) £67
  • Speedy Cash Payday Loan - over 30 days (1410.3%APR) £125
  • Oakam Money shop (224.1% APR) £380
  • Provident door-step loan (272.2%APR) £410
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Why Join Your Credit Union?

  • Everyone has something to benefit from by becoming a member of Your Credit Union:
  • Available to everyone – offering financial services for everyone
  • Simple and quick to join – you can join online, over the phone or at one of our local outlets.
  • Safe and secure – your money will be fully protected.
  • Convenient – you can deposit a lump sum or save regularly and will receive an annual return of the profits.
  • Flexible- loans to suit all budgets letting you borrow a couple of hundred or thousand pounds and repay weekly or monthly.
  • Good value –you have access to loans at affordable rates.
  • Local and ethical – becoming a member is helping your local community as well as yourself.
  • We’re not a bank! You own and control it – being a mutual means that the members own Your Credit Union.
  • Not just another customer - you have a share in the ownership of Your Credit Union.
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How to become a member?

  • It is simple and quick to start benefiting from membership with YCU:
  • Join online – www.yourcu.co.uk
  • Complete our short online membership form and we will do the rest – including verifying your identity and sending you your welcome pack.
  • Join over the phone - 020 7605 6341
  • You can ring one of our staff who will guide you through the membership application process.
  • Come and visit us at one of our satellite offices (coming soon)
  • We will shortly be launching three points across RBKC enabling residents to speak and join in person.
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Your Credit Union2nd Floor, 346 Kensington High Street

London, W14 8NS.

Phone: 0207 605 6341

Email: [email protected]

Web: www.yourcu.co.uk

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