Credit Union Advantages: The benefits of Credit Unions

Credit union advantages are often not very well known. We’re confident that if you knew about the credit union advantages and benefits, you would already be a member!

When it comes to your money, you should be reaping all the rewards you deserve.

Think for a moment about where you currently manage your money, whether that’s savings or loans. What benefits are you getting from managing your money there? Could you be getting more? We certainly think so!

Here are our credit union advantages and why you should be managing your money with us.

We work for you, not for profit

Yes, we really mean it. Credit unions are not-for-profit organisations and never look to make money from our members. In fact, we’re all about making money for our members by giving you all the tools you need to succeed with your finances.

You are the only people that profit from your credit union. As a co-operative, our members own the credit union – yes, you! Your savings act as shares, so you know that it’s only local people who are making the decisions and acting in your best interests.

Be treated like a human, not a credit score

Did you know that only 67% of people in the UK trust the banks they currently bank with?

We offer a very personal, friendly service from our highly-trained team who are all based here in South Manchester and all live in the local area, so each and every one of us can relate to you and your financial needs.

Credit scores don’t tell us the full story – we know there’s a person behind the number. Every decision we make is based on your personal circumstances and what is best for you, not what your credit history tells us we should do.

At the end of the day, we exist only to benefit your financial wellbeing.

Free financial coaching for all

Secure savings & affordable loans aren’t all we’re here for – we are much more than that.

We aim to empower you with your finances so you can take control and work towards improving your financial future with us. We are always happy to speak to you about all things finance and help coach you into positive financial habits. You can reach us through our mobile messaging app, by giving us a call, or by visiting us at our welcoming office on Fog Lane.

From personal money tips to real-world updates that might impact your finances, keeping you updated and knowledgeable allows you to make the most of your money. No matter your income, we can work with you as financial coaches to boost your finances.

Have a positive impact on your community

You already know we are not-for-profit (we told you before, remember!), so where does any money we do make go?

Any money we make is invested straight back into our credit union so we can continue to deliver the best service. We also invest in our local communities to give local people the best chance at improving and sustaining positive wellbeing and financial security – we love to see South Manchester getting the love it deserves! Our members, that’s you, may also be rewarded with an annual dividend to show our appreciation – think of it like the icing on the cake.

All the money we invest across our local communities generates much more in social impact – wow! Our social impact improves overall wellbeing across South Manchester, which aims to combine financial wellbeing and health to give the people in your area a better standard of living.

Lower interest rates, flexible terms, no hidden fees

Credit union interest rates are often much lower than high street lenders, as we are legally only allowed to charge a maximum of 42.6% APR. Even further than this, unlike high street lenders, our interest is only charged on the reducing balance – as your loan balance comes down, so does your interest charge.

For loans under £1,000, we think credit union interest rates are as cheap as you’ll find anywhere else. Even when borrowing more than £1,000, we are able to offer competitive interest rates, on top of our other added benefits.

We want to say again – we treat you like a human and not a number. Our flexible terms prove exactly that, as we work to your personal situation when considering your repayments towards any loans, making every loan we lend out bespoke to each member.

No hidden fees mean you can make early repayments without any cost, in fact, you will save money on the reduced interest. If you’re feeling financial pressure and are worried about missing a payment, just speak to us and we can always work out the best way forward.

Here’s an example we prepared earlier – if you borrow £300 and pay £10 per week over 34 weeks, you’ll pay a total of £37.44 interest. Try our free loan calculator to see for yourself.

Manage Your Money Better Today

These credit union advantages have hopefully shown you how South Manchester Credit Union can boost your finances today.

Our loans can help you bridge any gaps and give you a helping hand in reaching your dreams.

We have savings accounts that can help you tuck away some money for a rainy day and reward you just for saving with a monthly prize draw.

Whatever you’re looking for, join South Manchester Credit Union today and we’ll be right here to help.

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