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Last updated 11th June 2017

Credit unions

Credit unions are mutual membership organisations, members linked by something in common- usually a place of work or where they live and work (paid and unpaid).

What do they do?

  • Offer savings facilities for their members
  • Work for the benefit of members, not shareholders
  • Offer mainly small and affordable loans to members
  • May offer members a dividend (interest) on savings

Are they secure?

  • They are regulated as any other financial organisation

So what has that got to do with being fair and kind?

Credit Unions are mutual local organisations. They are an important part of the solution to Financial Exclusion in the Diocese. People who can’t access affordable credit or basic banking services can be excluded in many different ways. 

Many people are finding saving money difficult (26% adults run out of money before the end of the month). Unexpected financial difficulty can arise from high interest or illegal loans but also events such as bereavement, divorce or redundancy.

Credit Unions can help people when they are in need. Individuals and organisations who become members and save money allow Credit Unions to make loans to members. Through making loans Credit Unions generate income (capped at 3% a month).

Maybe you feel some sense of injustice over recent history of investment banking or the practices of banks who are free to customers but charge the poorest who get overdrawn or miss a repayment deadline. Your parish could use a Credit Union instead of a Bank, you could join one yourself, or even consider volunteering to help.

‘We must help credit unions to become bigger, better known and easier to access if we want them to compete with high interest lenders.’ Archbishop Justin 


Credit Unions in Blackburn Diocese

District

Credit Union

Address

Phone

Website

Blackpool

Blackpool Fylde and Wyre Credit Union

13 Birley Street

Blackpool

Lancashire

FY1 1EG

01253 478827

http://www.bfwcu.co.uk/

Blackburn

Jubilee Tower Credit Union

5 Bolton Road Darwen, Lancashire BB3 1DF

01254 776611

http://www.jubileetowercu.org.uk/

Burnley

Pennine Community Credit Union

Calico Homes Ltd

Centenary Court

Croft Street

Burnley

Lancashire

BB11 2ED

0800 050 9747

http://www.pccu.co.uk/

Chorley

Unify Credit Union

21 Crompton Street,

Wigan

WN1 1BN

01942 245656

http://www.unifycu.org/

Fylde

Blackpool Fylde and Wyre Credit Union

13 Birley Street

Blackpool

Lancashire

FY1 1EG

01253 478827

http://www.bfwcu.co.uk/

Hyndburn

First Choice Credit Union

15 Greenfield Street

Haslingden

Rossendale

Lancashire

BB4 5TG

01706 215082

www.firstchoicecu.wix.com/fccu

Lancaster & Morecambe

Morecambe Bay Credit Union

75 Queen Street,

Morecambe

LA4 5EN

01524 411240

 

Rossendale

First Choice Credit Union

15 Greenfield Street

Haslingden

Rossendale

Lancashire

BB4 5TG

01706 215082

www.firstchoicecu.wix.com/fccu

Ribble Valley

First Choice Credit Union

15 Greenfield Street

Haslingden

Rossendale

Lancashire

BB4 5TG

01706 215082

www.firstchoicecu.wix.com/fccu

Pendle

Pennine Community Credit Union

54 Manchester Road

Nelson

Lancashire

BB9 7EJ

0800 050 9747

http://www.pccu.co.uk/

Preston

First Choice Credit Union

15 Greenfield Street

Haslingden

Rossendale

Lancashire

BB4 5TG

01706 215082

www.firstchoicecu.wix.com/fccu

South Ribble

Unify Credit Union

21 Crompton Street,

Wigan

WN1 1BN

01942 245656

http://www.unifycu.org/

West Lancashire

Unify Credit Union

21 Crompton Street,

Wigan

WN1 1BN

01942 245656

http://www.unifycu.org/

Wyre

Blackpool Fylde and Wyre Credit Union

13 Birley Street

Blackpool

Lancashire

FY1 1EG

01253 478827

http://www.bfwcu.co.uk/