Credit unions
Credit unions help you manage your money by encouraging you to save what you can and only borrow what you can afford.
They are not-for-profit organisations, owned by their members and often run by volunteers. Credit unions offer savings accounts, low-interest loans and other services like those you get from a bank.
Unlike most banks, credit unions are happy to offer small loans from £50 to £3,000. This makes them a much cheaper option than payday loans.
Credit unions are regulated by the Financial Conduct Authority (FCA). This means they must follow strict rules and your money is protected.
A credit union might be right for you if:
- You can only save a small amount each week or now and then
- You want something like a bank account with easy ways to pay in, such as at a library or community centre
- You need a low-interest loan between £50 and £3,000 (some credit unions ask you to save with them first before you can borrow)