You may know what a credit union is, but there is probably a lot you don’t know about us. Originally situated in a small office within Glasgow City Chambers with two members of staff, Glasgow Credit Union has grown substantially during the past four decades to become the most financially successful credit union in the UK.
Although there have been many changes over the years including a change of name, logo, premises, our main aim has always remained the same: to help our members and ensure they have access to friendly, professional financial services that meets their needs. Below we have listed some important dates in our history:
June 1989 Glasgow District Council Employees’ Credit Union formed, operating from a small office in Glasgow City Chambers.
April 1990 Membership reaches 1,000.
December 1990 Members vote at the AGM to pay the first ever dividend on savings, 2%.
December 1994 The first lottery draw with a car as the top prize (Vauxhall Corsa).
April 1996 Scottish local government re-organisation takes place. Employees from former regional council services such as Education and Social Work now eligible to join. The credit union changes its name to Glasgow Council Credit Union (GCCU).
July 1996 The credit union moves from City Chambers to its own premises at 105 Bell Street.
July 1997 GCCU becomes the first credit union in Great Britain to obtain Certificate 11C, enabling it to utilise legislative deregulation to grant larger loans over longer periods.
September 1998 First British credit union to record a £1 million surplus.
July 1999 GCCU celebrates 10th Birthday with a balloon launch at George Square with £12,500 raised by members for charity!
Into the 21st Century
September 2001 15,000th member joins.
July 2002 Glasgow Council Credit Union becomes part of the Financial Service Compensation Service and the Financial Ombudsman Service.
August 2002 The credit union moves to larger premises at 95 Morrison Street.
October 2004 GCCU receives mortgage permission from the Financial Services Authority. Now permitted to offer mortgages over a 25-year term.
August 2006 Membership vote in favour of expanding the common bond to everyone living or working in the Greater Glasgow ‘G’ postcode area.
September 2006 FSA approves expanded common bond. GCCU now open to serve anyone who lives or works within a G postcode.
February 2007 Rebranded to Glasgow Credit Union to reflect the expanded common bond.
February 2008 Deputy First Minister & Health Secretary, Nicola Sturgeon, joins as 20,000th member.
June 2009 Glasgow Credit Union Celebrate 20 years of success.
July 2010 25,000th member joins. A new logo is introduced as part of a brand refresh.
October 2012 Asset size reaches over £100M – the first credit union in the UK to ever reach this size.
Glasgow Credit Union voted Glasgow’s favourite business by readers of the Evening Times.
May 2017 Glasgow Credit Union launches on three social media channels: Facebook, Twitter and LinkedIn.
July 2017 40,000th member joins.
October 2017 Marketing department wins ‘Excellence in Communications’ award at the Glasgow Business Awards.
October 2017 97th Employer Partner comes on board to offer services to staff through payroll.
June 2019 Glasgow Credit Union Celebrate 30 years of success.
September 2019 50,000th member joins – a significant landmark for the UK credit union movement.
October 2019 The credit union partners with its 100th employer in Glasgow, offering payroll deduction services.
30 years and counting
As highlighted above, we have come along way since starting out in 1989. To this day, we strive to be the best credit union we can be for our members, but also for the community of Glasgow. With our bespoke products and strong sense of service, we hope to continue this as well as keeping our community strong with financial education, Giving Glasgow and the Big G Lottery.
Please check first that you are eligible to apply:
You are aged 18 or over
You have had an active Glasgow Credit Union membership for at least 3 months
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.