What is a credit union?
A credit union is a community based financial co-operative whose members share a common bond. They are not for profit organisations set up, owned and managed by their members. In Harrow there are two credit unions that serve anyone who lives or works in the borough:
- Harrow savings and loans credit union (part of the Hillingdon credit union group)
- M4Money credit union
The main reason for setting up a credit union is for members to pool money to provide affordable credit and loan facilities to members. Credit unions also promote a savings culture amongst its members, as money given out for loans is the money saved by members (referred to as shares).