International credit union day

The 15th of October is International Credit Union day and to celebrate the Cardiff Credit Union team will be in Working Street between 11am and 3pm to meet people to tell them all about the services offered by the union including safe savings and cheaper loans.

With Hallowe’en approaching, the theme of the day will be don’t get tricked.

The credit union is a mutual savings and loans society providing affordable financial services for people who live or work in Cardiff or the Vale of Glamorgan.

Regular savings by members creates a pool of money which is used to provide low-cost loans with a maximum interest rate of 12.7 percent.

The profits made by the credit union is returned to members in the form of a dividend on their savings.

With people feeling the pinch of the credit crunch and consumers losing faith in banks the Cardiff Credit Union has seen a surge in members.

The credit union is regulated by the Financial Services Authority and deposits protected by the Financial Services Compensation Scheme giving customers piece of mind that their money is safe.

Georgina Baker who has been a credit union member since the early 90s praised the work of the Cardiff Credit Union team, she said: “The Cardiff Credit Union has always provided an excellent and efficient service. The staff at the credit union are always polite and extremely helpful and I would not hesitate in recommending the credit union to friends and colleagues.”

Executive Member for Economic Development, Cllr Neil McEvoy, said: "Cardiff credit union can be a motor for financial inclusion across the city. In the longer term my aim is to transform the debt and savings sector in Cardiff. It is important also not to forget that Cardiff credit union can lend up to £15,000 to businesses. This is valuable source of credit in these tough economic times, with banks sometimes refusing to lend”.