If you live or work in the Borough of Burnley you can become a member by calling into any of the listed collection points. You will need to produce two separate forms of identification such as a driving licence or passport and something with your address on, for example, a recent utility bill. In addition you also need to supply your National Insurance Number. The minimum opening amount for Adults is a one off, £1.00 membership fee and a further £1.00 to open a share account. There is no membership fee payable by young savers up to 16 years of age.
As little or as much as you like. For our members' convenience savings can also be made by Standing Order from your Bank or Building Society Account direct to your Credit Union Account.
Each year members receive an annual dividend based on their average share holding within that Financial Year. The Financial Year for this Credit Union is October 1st to September 30th.
Credit Union Loan
Any member aged 18 years or over, can apply for a loan after saving regularly for a minimum of 12 weeks. The Credit Commitee will look at your savings record with the Credit Union and at your ability to repay when deciding whether or not to grant a loan.
Green Loan
Any member aged 18 years or over, who has saved for a minimum of 4 weeks, can apply for a Green Loan. The Green Loans can be for anything that improves the energy efficiency of your home. (e.g. new heating systems, boilers, double glazing, loft insulation and also for any energy efficient appliances, e.g. fridgefreezers, washing machines, etc).
The Credit Union charges an interest rate of 1% per month on the reducing loan balance. (APR12.68%)
For Example: £100.00 borrowed over 12 months or 52 weeks would attract a total interest charge of only £6.50
Most members receive the added benefit of Life Assurance protection on both shares and loans, subject to certain age restrictions. This is a very valuable service that comes at no extra cost to the Member.
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