Explore the benefits of Credit Unions

As a NLC colleague you can access the benefits of a credit union straight from your salary.   Scotwest Credit Union is available to all colleagues and new for 2020  Lanarkshire Credit Union is now available.

Credit Unions offers loans, mortages and savings accounts similar to banks however they are financial mutual and therefore member owned.  Find out more below

Wondering why Credit Unions are so popular?

Saving on pay day

Great saving options straight from your salary.

The best time to put a bit of money aside is just after you’ve been paid and with a credit union account saving is easier because the money comes straight out of your pay.

If you’re not in the habit, it’s really hard to know where to start with saving. Many of us pay all our bills at the start of the month when we’ve got money, then save whatever we’ve got left at the end of the month.

But actually, research has shown that people who save the day they’re paid, often have far more success.

Great loan rates

Below gives a comparison on payment amounts if you took out a 52 week loan for £1,000. NB rates may vary

Lanarkshire Credit Union example:

Scotwest Credit Union example: £1000 over 52 weeks has a weekly rerpayment of £20.43 and a total repayment of £1062.35

Credit Unions can also include the additional free benefit of Life Savings Protection, which can be a real financial comfort to your loved ones should you die.

More Credit Union options

Please beaware there are a further thirteen smaller more local based credit unions across North Lanarkshire and further details  of them can be accessed at Association of British Credit Unions Limited and Scottish League of Credit Unions.