Medway Credit Union

We are a financial co-operative; OWNED, CONTROLLED and RUN by the MEMBERS of MEDWAY. We save together and lend to each other at a fair and reasonable rate of interest. Together we make a credit union.

Medway Credit Union Limited is authorised and regulated by the Financial Services Authority and the Directors have been approved by the FSA. Currently all staff are volunteers who offer their time to assist in the running of the Credit Union.

Every member is treated fairly and if you save regularly you can become eligible to apply for loans.

Members are encouraged to continue saving a modest amount even when repaying a loan. This means that the pool of money available for loans continues to grow. Having savings also provides greater financial security for the members.

Nearly 900, 000 people in Great Britain save with their local credit union and many more are joining every month They know the credit union is a safe place for their money and they can start their account with as little as £1.

Where do we get income from?

The interest from the loans provides income for the credit union. Although there is no paid help, it costs money to run the organisation; we have to put a percentage into reserves and continue building a firm financial base from which to operate. When we have sufficient surplus we will be able to declare a dividend and eventually have paid staff to help.

Follow us on Twitter @medwaysavings.