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Credit unions

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Credit unions are financial co-operatives owned and managed by the members who use them.

They offer a convenient way to save and the opportunity to access affordable credit.

There are 18 credit unions in Wales. Members of a credit union save in a common fund. This fund can be then used to offer loans to the credit union's members at affordable rates of interest. Because credit unions are financial co-operatives, member’s savings and any interest earned on loans stays in the local community to benefit local people.

Credit unions offer a range of services, including saving and loans, rent and budgeting products including pre payment debit cards which provide similar services to high street bank accounts. Prepayment debit cards are ideal if you don't have a bank account or are looking for an easy alternative to high street banking and also if you want to be able to manage your money by setting a budget. 

Credit unions also offer school savings and payroll savings schemes. There are now more than 140 employers across Wales who are payroll partners, committed to helping with their staff's financial wellbeing.

For further information, email creditunions@gov.wales or visit Credit Unions of Wales website (external site).