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.
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.
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.
What are Credit
How do credit
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
Office Manager: Julie Hillsdon
CR2 Civic Centre