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Hillingdon On-line: Hillingdon Credit Union


If you live or work in Hillingdon you can join Hillingdon Credit Union.

Click here to go to the form. It will open in a new window.

Print it off and you can fill it in.  Don't forget to send copies of your proof of identity (Passport, driving licence etc.) and where you live (Gas bill, phone bill etc.)


Every member has to save with the Credit Union to build up the central pot of money that people borrow from. The minimum amount to save is 13 per month. You have to be able to save this even when you are repaying a loan. It helps people to take control of their financial lives if their nest egg is growing even when they are paying off a loan.

Hillingdon Credit Union has been around long enough to pay you a dividend on your savings. This is an amount of money calculated at the end of the year based on how well the Credit Union has done. There is nobody making a profit out of your savings - all profits go to members and to the running of the Credit Union - which belongs to you.

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When you have been a member for three months (or even sooner in special circumstances) you can borrow money. The amount you can borrow depends on your ability to repay. Loans are meant to be for a provident purpose - which means something that is of benefit to you and your family and not something that just gets you deeper into debt. Holidays, cars, education (driving lessons etc.) are all examples of provident purposes but there are lots more.

The interest on the loan will be no more than 12.68% APR. This is even if you only borrow a small amount. We are as happy to lend you small amounts of money as we are to lend you thousands.

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Other free benefits

Argos Card - The Credit Union movement has done a deal with Argos, the high street retailer. As a member you can get a pre pay Acard. This means that you can put money onto this card and then use it to buy things in Argos. Argos adds 5% for every 1 you put on the card so if you put 100 on you will actually have 105 registered on the card. It means that you can borrow the money to put on the card and then if you pay it off in instalments you could end up paying less than if you had bought the item for cash.

Credit Union members get some great benefits that other financial institutions would charge you extra for.

Insurance on savings: You are covered by insurance as soon as you join. Every 1 you save in the Credit Union attracts insurance cover. If you save it before you are 65 your next of kin will have it doubled if you die - no matter how old you are!

Insurance on loans: You get free insurance on your loans. That means if you die or are seriously injured the loan is paid off by the insurance policy and not by your family.

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Q and A
What are Credit Unions?
How do Credit Unions work?
Who runs the credit union?
Who regulates them?
Are they only found in the UK? |

What are Credit Unions?
Not-for-profit financial institutions.
Mutually owned and democratically controlled.
They Pool members' savings (also known as 'shares') to make low-cost loans to other members.
Each has a "common bond" which determines who can join the credit union. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union.

How do credit unions work?
The members of a credit union pool their savings together; these savings then provide a pool of funds from which loans can be made. A credit union uses money from its savers and may pay them a return on their money (dividend). The money saved by members is lent out to other members, who pay interest on the money loaned to them.
The credit union must be successful in attracting a large enough number of savers to provide a sufficient liquidity level to meet members' demands for loans, savings withdrawals and to pay operating expenses. It should therefore aim to give its savers a good return on their savings. The dividend payment to savers as well as the credit union's other operating costs should be budgeted for throughout the year.

It is therefore very important for credit unions to actively market the benefits of saving with the credit union, as well as the availability of loans. The main source of income for a credit union comes from the interest charged on members' loans.

Credit unions also provide members with free life assurance based on their savings, and loan protection insurance. Other financial services offered by some credit unions include additional insurance products and bill-paying services.

Who runs the credit union?
The operation of the credit union is managed and controlled by an elected Board of Directors. All officers of the credit union are members of the credit union, who are elected by the membership at the Annual General Meeting. All members of the credit union have one vote, regardless of the amount of their savings.

Who regulates them?
Credit unions operate in Britain under the provisions of the Credit Unions Act 1979. They are regulated and supervised by the Financial Services Authority (FSA), which is also responsible for the regulation of all other financial services providers in the country.

Are they only found in the UK?
British credit unions are part of a worldwide movement covering over 80 countries, with over 40,000 credit unions and an estimated 120 million individual members.

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 Contact Details:

Office Manager: Julie Hillsdon

CR2 Civic Centre
High Street

Telephone 01895 250958


Authorised and Regulated by the Financial Services Authority Firm No. 213406

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