As an employee of one of our payroll partners, you’re eligible to join Metro Moneywise Credit Union to save directly from your salary and access our loan products. But we understand that not everyone is familiar with the idea of a credit union.
To make things clearer, this post will answer some frequently asked questions for potential members…
What is a credit union?
The key word is ‘union’, defined as a group of people coming together for a common purpose.
In our case, we came together 30 years ago to offer a safe and secure place to save and access fair, affordable credit. As with all credit unions, we are not run for profit.
How does it work?
Members decide how much they wish to save, which can be anything from £5 to £350 each month. That amount is deducted directly from their salary after tax. Payroll deduction is one of the easiest ways to save. With your savings out of sight and out of mind, you will be surprised how quickly it builds up.
The funds are pooled into a pot, and this is used to offer fair and affordable loans to members who require credit (subject to affordability checks).
In return, after running costs and reserves are met, the surplus profit is paid back to our members by way of an annual dividend. It’s people helping people at its best. We paid 1% this year, which is hard to beat for instant access savings.
Are my savings safe?
Yes – we are regulated just like any other financial institution and all savings are 100% guaranteed under the Financial Services Compensation Scheme.
What about loans?
We have some great loan products to suit all needs and there are no penalties for early settlement. We work closely with our members to make sure the repayments are affordable.
All our loans are based on affordability and the decision is made by a human not a robot. Our members’ financial wellbeing lies at the heart of everything we do.
With positive feedback from hundreds of members, we’re confident in saying that our credit union is the best thing since sliced bread! Opening an account with us will be one of the best decisions you have ever made.
Join online today. You’ll just need your payroll number to hand. Or if you have any questions, you can call us on 01706 298966.