Bulwell Credit Union People Not Profit
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Credit Union Info

Questions

How do I become A member?

Anyone living or working in North Nottingham (Bestwood, Bestwood Park & Village, Bulwell, Carrington, Cinderhill, Mapperley, Old Basford, Rise Park, Sherwood, Top Valley and Whitemoor areas), defined as our common bond, can apply to join.

How do I save my money?

After paying a small membership fee to join, you save regularly to accumulate a sum of money with the Credit Union. This money is then security for low cost loans to members when required. You decide how much you want to save, it can be as little or as much as you like. For members' convenience savings can be made at a cash collection point or by standing order form. Payroll deduction is also available.

How do I get a loan?

Anyone over 18 years who has been a member and saved regularly may apply for a low cost loan. The interest charged on your loan is fixed by law at a maximum of 1% per month on the outstanding balance, working out at 12.7% APR. see our rates example or contact us for a quote.

Who runs the Credit Union?

Members are elected to run the Credit Union. The Credit Union is registered in accordance with the Credit Unions Act 1979 and the Industrial and Provident Societies Act 165-78. The Credit Union is required to be audited once a year and submit its accounts to its members and the Financial Services Authority.

Will my money be safe?

YES. All Credit Unions are regulated by the Financial Services Authority (FSA) just like the banks and building societies. Member's savings are fully protected under the FSA's compensation scheme. The Credit Union is also insured against fraud and theft through our fidelity bond.

Is my business private in the Credit Union?

YES. All officers and volunteers must sign and are bound by a declaration of secrecy form.

Am I insured against untimely death?

YES. Your loan would be paid off and your shares doubled at no extra cost (subject to eligibility). The money will be transferred to the person(s) nominated by you on your application form.

Young Savers

Bulwell Credit Union has a number of young savers, most of whom save at collection points within local schools. It has proved to be a valuable aid in helping gain numeracy skills and encouraging them into the savings habit.