Credit Union

Torfaen Credit Union

Torfaen Credit Union is a community-based financial co-operative that provides straightforward, affordable financial services to a growing number of people in Torfaen. Each member makes regular payments into a range of savings accounts - this fund then provides the basis for preferential rate loans. The income generated by lending helps us meet our operating expenses, build our reserves and pay our savers an attractive annual dividend.

Our members are encouraged to save for their future, and in return they receive affordable credit, free insurance on savings and loans, financial advice and a healthy return on their money.

 

The credit union's mission is to provide its members with access to reasonably priced financial services and encourage the development of good financial practice.

How does it work?

When you join a credit union, you agree to make regular savings every week, fortnight or month.
This can be as little or as much as the member can afford. Thus the basics of the way a Credit Union works is that:-

•       Members save in a common fund
•       This fund provides low interest loans to members (currently 6.6% approx
        lat rate, 12.68% APR)
•      The interest generated from loans covers administration costs
•       Any surplus returned to members as a dividend 

 

For more information visit www.torfaencreditunion.co.uk|