Glasgow Credit Union could help manage your finances
Home > About > Five ways Glasgow Credit Union could help manage your finances
Whether you’re borrowing for a summer holiday or saving for a rainy day, here are 5 ways Glasgow Credit Union could help manage your finances:
1. The easiest way to save
Everybody knows that saving is a good idea, but getting around to setting up a savings plan – that sounds like hard work!
Glasgow Credit Union makes it easy, allowing you to pay into your savings account on a regular basis via Direct Debit, or if you work for one of our 90+ Employer Partners, via payroll deduction. You can save between £10 and £1,000 per month, and because we’re covered by the Financial Services Compensation Scheme (FSCS) you know your money is just as safe as with a UK bank or building society.
To reward members for saving we pay an annual dividend, and we also offer a Junior Savings Account to help you encourage your little ones to save.
2. An alternative lender with transparent rates
Searching for the best loan deal can be tricky and frustrating. High street lenders advertise their best rates but can offer you a higher rate upon application, depending on how they rate your creditworthiness.
At Glasgow Credit Union, the rate we advertise is the rate you’ll get if your application is successful. All our personal loan interest rates are fixed for the duration of your loan and there are no admin or early repayment fees.
3. Get your foot on the property ladder
As the largest credit union in the UK, Glasgow Credit Union’s scale and success means that we’re able to offer a wider range of products than you might expect – including mortgages.
We have a range of mortgages to suit all needs – from first time buyers, those looking to move home, or members simply looking to remortgage.
All Glasgow Credit Union mortgages also come with our Mortgage Guarantee – our promise to provide our best service, or we’ll pay you £100!
4. Make your debts manageable
If you’ve got balances on credit cards, store cards, loans with other lenders or even overdrafts, you’re probably managing several different repayments, all at different rates of interest, all at different dates throughout the month.
Our Consolidation Loan could help you combine these debts into one monthly repayment at a fixed rate, making it less stressful to manage. You could even save money if your existing interest rates are higher than our Consolidation Loan rate.
5. Good for you – and for Glasgow
At first glance banks and credit unions seem quite similar, but look a little closer and you’ll find the two financial institutions are very different.
One of the key differences is who benefits from the profits. Banks use their profits to pay out to their investors, but at Glasgow Credit Union, when we’re successful, we share this success with our members in the form of an annual dividend paid on savings.
We also invest back into the business to allow us to continuously improve products and services, and because we’re a social enterprise we believe in investing in our community. We do this by providing financial education, and by supporting local charities and good causes.
We’re committed to working with members, local organisations, and employers to increase financial awareness in the wider community. If you have any questions or would like help with any of our services, please contact us on 0141 274 9933.
Please check first that you are eligible to apply:
You are aged 18 or over
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.