Credit Unions aim to help their members to take control of their money by encouraging members to save what they can and borrow what they can afford to repay. Credit Unions are group savings and loan co-operatives who have a common bond, for example belonging to the same trade union, where members pool their money and lend to other members.
Credit Unions are owned by their members and are operated in a non profit way. This means that Credit Unions are answerable only to their members who are also its customers.
The Credit Union movement is worldwide and there are now over 500 Credit Unions in the UK with over 500,000 members. The Credit Union philosophy of mutual self help is proving a popular alternative to the banks’ big profits for shareholders culture. Credit Unions are more flexible, will accept smaller weekly or monthly savings and are willing to lend smaller amounts with no hidden charges.
Credit Unions are regulated by the Financial Services Authority (FSA) and each member’s deposits are protected up to £50,000 by the Financial Services Compensation Scheme (FSCS) Members also have access to the FSA Ombudsman scheme. Thorne Credit Union is authorised and regulated by the FSA - Firm reference number 213550
*Thorne Credit Union is authorised and regulated by the FSA – Firm reference number 213550 | 
04 September 2010
