Norwich Credit Union is a member-run savings and loans community organisation, fully regulated by the Financial Conduct Authority. Since it was set up in 1989, the credit union has issued more than £2.5 million to its members, mainly in the form of small loans (£500-£1,500) that are hard to access on the high street.
A range of loan products are available, from 0.75%- 3% interest per month (9.8%-42.6% APR). Interest generated on loans helps to fund loans to other members. Members’ savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, exactly like banks and building societies.
Membership is open to anyone living or working in a Norfolk postcode area.