Sustainable Alston Moor
Sustainable Alston Moor Ltd., Alston Town Hall, Alston, Cumbria, CA9 3HY
Company Registration Number 7121067
A Credit Union for Alston Moor
A group of volunteers from SAM are working to start a credit union for those who
live and work on Alston Moor and Slaggyford, hoping to expand to take in East Fellside,
and Penrith in the longer term. So far we have had a lot of interest from residents
and expressions of interest are increasing steadily.
We now have a working group taking this idea forward. If you like this idea and have
time to do a bit of work towards the project please join us as a volunteer by Emailing
us.
Register an expression of interest in the credit union, and we’ll send you a information
pack.
Download the full credit union proposal here.
FORMING A CREDIT UNION – What’s in it for Alston Moor and what’s in it for you?
A few things local people have said about Credit Unions in Cumbria:
“There are no charges. I only pay a little bit of interest”
“ I can save £10 every week so that my car repair costs are covered when they come
up”
“I only paid £25 interest on the £500 I borrowed for Christmas”
“ I am self-employed. The banks don’t like lending to people like me”
FREQUENTLY ASKED QUESTIONS
What is a Credit Union? A Credit Union is a community based savings and loans organisation which is owned and managed by its Members. Credit Unions welcome savers and borrowers. Becoming a Credit Union member is all about caring and sharing.
How do they work? Members’ savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save and help members to have financial security through low cost loans.
How does a Credit Union differ from other loan agencies? Credit Unions keep money within a community and make it possible for you to get small loans without paying through the nose. For
example, if you borrow £200 to buy a new washing machine and repay the loan over 12 months, your repayments will be just £213.18.
Will my savings be safe? Credit Unions are governed by law, and must have a set of rules approved by the Financial Services Authority before they can operate. They are fully insured against theft and fraud.
Who can join? All Credit Unions in Cumbria operate within defined geographical boundaries. To join a Credit Union in Alston Moor, you must live and/or work within Alston Moor and Eden district. Membership is open to anyone, young or old. You just need to pay a small joining fee (£1 - £2)
