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Credit unions are not for profit, you can apply for a loan or savings account like a bank or building society.

They offer:

  • low-interest loans
  • a loan to help pay your rent arrears due to coronavirus
  • savings accounts (including Christmas savings schemes)
  • school and junior savings accounts
  • accounts to help you pay your rent and budget
  • prepaid debit cards with similar features to a bank account
  • payroll deduction schemes (this is when your employer can take an amount from your salary to save or pay back a loan)

Credit unions are an alternative to pay-day loans and other high interest lenders. They are protected by the Financial Services Compensation Scheme.

Find your local credit union on Credit Unions of Wales.