Credit Unions Providing A Safe Way To Save And Borrow

“Credit unions should not only be seen as another means to get quick access to hard cash.  As community co-operatives, they can also appeal to those who want to benefit their neighbours as well.” said Highlands and Islands (Labour) MSP Rhoda Grant.

Mrs Grant continued “Credit unions are community savings and loans providers.  Traditionally, credit unions have been small, non-profit financial organisations set up by members with something in common to benefit their community.  That common factor may be living in the same town, working in the same industry or whatever and the organisation is there to facilitate the smooth flow of cash without a third party stakeholder or shareholder benefitting.  Now as we approach Christmas it is the time to sign up to the local credit union and help others whilst helping yourself.  If members join now they will have time to save to build up credit for Christmas.

“Strict guidelines are in place to control all credit unions.  They work together as a co-operative, managing other people’s money and supporting members to manage their finances in a different way.  This will help to avoid huge, unmanageable debt through Christmas.  Even if there is not sufficient time for you to fully benefit from the services of a credit union for this Christmas, it is not too early to lay down the foundations of an affordable Christmas next year.”

There are credit unions in many of our small towns and villages across the Highlands and Islands.  In the Western Isles HI-Scot (formerly the Western Isles Credit Union) is based in James Street, Stornoway.

Rhoda Grant  further commented, “Credit unions provide many of  the same services as banks, but almost always offer better terms and rates.  I would encourage people to find out more about their local credit union.  The membership process is straightforward.  Contact details are available on-line or from council offices.”
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