If you’re a member of the Co-op credit Union, you can now take out a loan at a competitive interest rate from just 4.9 % APR. If you’re not a member you can still join and apply for a loan straight away, from 14.8% APR.

Even though many banks advertise lower rates, these aren’t available to everyone, so a Credit Union loan can be much cheaper than alternatives like payday loans or credit card withdrawals. With Credit Union loans there are no hidden charges or early repayment penalties, and interest is charged on the reducing loan balance which also saves money. They can also arrange for other loans to be consolidated into one easily affordable loan, which could save on interest.

 The Credit Union is a not-for-profit financial co-operative, owned and run by current or former Co-op colleagues. Any surplus or profit is returned to members through an annual dividend.

Membership is open to colleagues, former colleagues and their family members (over 16) who live at the same address. To be a member, you need to open a regular savings account and pay in a minimum of £10 per month via payroll deduction, standing order or direct debit. 

Credit Union

 Money or debt worries?

·        Check out this advice from HR about help with money

·        All Co-op colleagues have 24/7 access to our Employee Assistance helpline, offering confidential advice and support – 0800 970 1030