FAIRshare Credit Union
FAIRshare Credit Union - the non-profit making Community Bank for Shropshire people, offering low interest loans and easy access to safe and secure savings accounts.
FAIRshare Credit Union is a real Bank but with a big difference.
This is a non-profit making Community Bank offering regular, dividend earning savings accounts and low cost loans to anyone who lives or works in Shropshire. The regular savings made by FAIRshare members create a pool of money which is then used to provide low interest loans to members. Your savings are safe - FAIRshare is regulated like any other Bank - it just means that the profit that regular Banks keep for themselves is used to benefit the local community.
The difference doesn't stop there! You'll find:
No Bank charges for the services provided
No credit checks before you can open a savings account
Previous CCJs, Insolvency or Bankruptcy won't prevent you from joining
No penalties for early loan repayment
Annual divident payments (interest) based on your savings and profits made during the year
Interest is calculated only on the amount still owed - not what you initially borrowed
Loan interest is from 1% to 2% per month (12.68% - 26.8% APR) depending on the amount borrowed
You can withdraw from your account at any time - in person, by phone or by e-mail
And it costs just £5 to join as a member - this is a one-off payment to open your account and that's it!
Already liking the sound of this? Well there's much more on offer.
Saving is simple - however much or little you can afford, you agree to save a regular monthly amount and this can be by:
Payroll deduction from your salary
Standing order from your Bank account
Direct payment in person at one of many convenient Fairshare branches
Direct transfer from your Pension, Housing Allowance or other Benefit payment
PayPoint Card (on request)
Junior savings accounts are also available - a great way to get your kids into the habit of saving regularly - and seeing the benefit when the annual dividend payment is made.
Withdrawing your money is just as simple - you can access your cash at any time - in person, by phone or by e-mail (Note - if you have an outstanding loan, some or all of your savings may be 'pledged' as security against the loan).
Low Cost Loans are just one of the major benefits offered by FAIRshare. Obviously, any loan offered will depend on your ability to repay but there are no arrangement fees and you'll get free life insurance at no extra cost. With low interest charges, no penalties for early settlement and no set loan amounts (as much or as little as you can afford to repay) and repayment made over a period to suit your circumstances, a FAIRshare loan is a great way to clear higher interest bearing existing debts and reduce your monthly outgoings.
FAIRshare Credit Union is operated and regulated just like any other Bank or Building Society, so your savings will be completely safe and covered by the Financial Services Compensation Scheme. The benefits are many - it's so easy to use - and you'll be part of the local community.
For more in depth information about FAIRshare Credit Union Community Bank and details of the other services offered, you can visit the website here
Telford (01952) 427 820
With branches in Telford Town Centre, Dawley, Stirchley, Oakengates, Broseley, Donnington and Woodside - there's bound to be one that's convenient for you. Opening hours vary so please check for details on the website or by calling the number above.