Coventry East Credit Union

What Is a Credit Union?

A Credit Union is a non-profit making organisation that offers a convenient savings and loans service to its members. It is 'the people's bank' operating solely for the service to its members. The main features are:

Low Cost Loans
An easy way to save
Local Banking Points
Free Life Savings insurance (Subject to age limits)
No Hidden fees or charges
Local and approachable
Annual dividend on your savings

Who runs the Credit Union?

Credit Unions are run by their members. All Credit Unions are properly licensed and registered in accordance with the Credit Union Act 1979. They must submit audited accounts each year and produce reports for all members. They are regulated by the Financial Services Authority (FSA) in the same way as banks and building societies.

Is my money safe?

Yes! All persons handling money are insured so that in the event of a robbery, or dishonesty, no member would lose their money.

How do I get a loan?

Anyone who has been a member for at least 3 months (and is over 18 years old) can apply for a loan. The Credit Committee will look at your savings record and ability to repay.

How much interest do I have to pay?

Credit Union loans cost very little. The Annual Percentage Rate (APR) is only 12.68%. That works out at only 1% a month. Compare that to companies like 'Provident' or the High Street banks!

For example, if you borrowed £100 from the Credit Union over a year you would only pay back £106.50. If you borrowed £1000 over a year, you would pay back just £1066.08.

Do you pay interest on my savings?

Credit Unions usually pay an annual dividend on savings. Our Credit Union paid 2% last year.

Do you offer insurance?

All Credit Union members are given free Life Insurance that will pay off any loan and double the value of your savings in the event of your death. The money would be transferred to the person you nominate on your membership application.

How do I join?

Anyone living or working in the area covered by Coventry East Credit Union can become a member. All you need to do is call into the office in Willenhall. You will also need some form of identification. You can then save as little or as much as you want. Membership is £2.

For more information, contact Isabelle Osborne on 024 7651 1117 or email enquiries@willenhalladvicecentre.co.uk.

Current Collection Points and Opening hours

Coventry East Credit Union currently operates the following collection points:

Willenhall Advice Centre – Remembrance Rd

Monday: 10.00 - 11.30 am
Thursday: 10.00 - 11.30 am
Friday: 10.00 – 11.30 am

Wood End Advice Centre – Hillmorton Rd

Tuesday: 10.00 – 12.00 noon
Wednesday: 4.00 – 5.30 pm

Aldermoor Farm School – Round House Rd

Tuesday: 3.00 – 4.00 pm

Henley Green Community Centre – Wyken Croft

Wednesday: 12.30 – 1.30 pm

For more information or if you have any questions at all about the Credit Union, contact Isabelle Osborne on 024 7651 1117 or email and we will endeavour to reply as soon as possible. enquiries@willenhalladvicecentre.co.uk.