 | This page is part of the archive of community profiles and was written in January 2005
 A Credit Union is similar to a bank but it is a member owned and run financial co-operative, offering its members a local savings facility with access to low interest loans. Each pound saved equals a pound share in your Credit Union, a constant reminder that you are a co-owner.
Nuneaton Credit Union is now in its fourth year (although Credit Unions have been in existence since the 19th Century) and ably run by President Frank McGale, Secretary Tracy Bown, Treasurer Sue Trahern and Chief Cashier Pat Lyons. Many other board members are responsible for different areas of managing the Credit Union most effectively for its members; these include Training, Money Laundering, Credit Committee and Office Management. The Nuneaton Credit Union is entirely run and managed by volunteers.
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|  You can save as much or as little as you want (up to the legal maximum of £5,000) and have access to loans at a permanently fixed low interest rate of 1% a month (12.68% APR), no matter how much you borrow. All members of Nuneaton Credit Union Ltd share a ‘common bond’: they must live or work within Nuneaton. We welcome young & old alike, although members must be 18 or over to borrow, vote or volunteer. Membership is £1 for all over 18, and free to under 18s, plus all child savers receive a free piggy bank when they join.
The Credit Union does not perform credit checks, all they ask is that customers save regularly for at least 3 months before they can apply for a loan.
The Credit Union makes joining and saving as easy and convenient as possible for members; they can save by visiting one of 8 local collection points or even by bank-order. |
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The Credit Union is recruiting more and more members all the time, and looking forward to enrolling more child savers to pass on the benefits of sensible money management. This is being promoted by school-based collection points. A brand new point will be opening at Park Lane Primary School, Nursery and Parents Centre on Friday 21st January.
Most recently the Credit Union have been promoting their work across Camp Hill and Stockingford, especially targeting those communities that have difficulty in getting credit from high-street sources, many of whom often have to resort to borrowing from door-step lenders or those with extortionate interest rates, often up to 60%!
The Credit Union has been heavily promoted in the run-up to Christmas, encouraging people to save for presents and the usual festive expenses.
New Year sees the opening of the 9th Nuneaton collection point and the Credit Union will also be promoting a ‘green loan’ scheme in association with the Nuneaton and Bedworth Borough Council.
To find out more you can:
Write to us or visit our main office at
Hatters Space
Upper Abbey Street
Nuneaton
CV11 5BT
Or call us on 024 7664 2480 or 07767 048078.
Or email us at nuneatoncreditunion@hotmail.co.uk.
We will shortly be launching our own website, check www.warkcom.net/nuneatoncreditunion for updates.
You can also visit www.abcul.com to find out more about the history of Credit Unions and to search for other Credit Unions in your area. | Local collection points:
Stockingford Community Centre – every Monday, 10:00am – noon
George Eliot School, Raveloe Drive – every Monday, 12:30pm – 1:30pm
St. Mary and St. John Church Hall, Cedar Road, Camp Hill – every Monday, 5:00pm – 7:00pm
Camp Hill Community Office (Ramsden Avenue) – every Tuesday, 10:00am – noon
St. Mary and St. John Church Hall – every Wednesday, 10:00am – noon
Hatters Space, Upper Abbey Street, Nuneaton – every Wednesday, 6:30pm – 8:00pm
Blackatree Court, Blackatree Road – every Thursday, 10:00am – noon
Hill Top Sure Start Office (Donnithorne Ave) – every Friday, 10:00am – noon
Park Lane Primary School, Nursery and Parents Centre – every Friday, 8:30am – 9:30am
St. Nicholas Parish Church Office (Vicarage Street) – every Friday, 10:00am – 11:30am
Nuneaton Library, Church Street – every Saturday, 10:00am – noon |