Credit unions are community financial co-operatives owned and operated by the members for the members. Membership is open to all ( adults and children) who live or work within the common bond area of the credit union .
Membership costs £1 for adults and is free for children. members are encouraged to save each week- as much or as little as they like.members wish to borrow must have been saving wirh the credit union for a minimum of 13 weeks.
The firsr loan is limited to 1.1/2 times the amount they have saved. Second loans are based on twice the amount of savings so it is in the members best interest to keep saving,even a little while repaying the loan.
Interest on the loan is charged at 1% per month on the reducing balance ( simple interest ). In real terms this means that anyone who borrows £500 and repays it over 50 weeks will pay a total of £500 + £29.70 interest.
Right here in Thorntree we have the oldest credit union in Middlesbrough. Registered in November 1989, TBN Credit Union Ltd has been serving the communities of Thorntree,Netherfields,Brambles Farm and Ormesby for 18 years.
Credit unions are run by volunteers who want to give something back to thier commumity, they come from all educational and ethnic backgrounds. We have young parents who like to help when the kids are at school; we have people who have retired but are not ready to stop work; we have disabled people who perhaps could not cope with a regular job with regular hours, but like the informality of the credit union regime
Whatever their background, or reason for volunteering, they all have one thing in common-they all get great satiafaction from providing a valuable service to their friends, family,colleagues and neighbours.
You too could be one of them. No experience is necessary, full training will be given.The only qualification required is a willingness to to help.
TBN credit union open Monday and Friday 10am-1pm
Call Elaine - tel-01642 230314 or 07973622739
