Frequently Asked Questions

Frequently Asked Questions.

Who is the Cheshire Neighbours Credit Union ?

Cheshire Neighbours Credit Union is a not-for-profit savings and loan scheme which is open to anybody who lives or works in Cheshire East or Cheshire West and Chester.

How do I get a loan?

Any member can apply for a loan. We will help you to work out how much you need to borrow, how much you are able to save, and what your regular repayments will be. We reserve the right to carry out credit reference checks.

Why join a credit union?

The members own the credit union and have a say in how it is run. The money saved forms a fund from which loans can be made and any profit is returned to members as an annual dividend. Your money is safe, as it is fully protected by the Financial Services Authority and you are helping your local community.

How do I become a member?

Call in at one of our offices (for addresses and current opening times see Branches page) or telephone 01270 586217 0r 01606 598041 and ask for an application pack. There is a one off joining fee of £3 and you must provide two forms of ID (ask at one of our offices if you are not sure what is acceptable)

How much do I have to save?

You can save any amount from £5 to £10,000. You can save regularly using a bank standing order or a Paypoint Card or with cash at one of our offices.

Am I insured against my untimely death?

Yes, members have automatic free life insurance (if you are over 70 years old restrictions may apply). In the event of your death your savings and life insurance will be paid out to a person nominated by you when you join.

What will it cost me to borrow?

There are three levels of borrowing; Bronze, Silver and Gold, depending on how much you already have saved. To borrow up to £500 with little or no savings you would pay back your loan with 2% interest per month. £565.50 paid back over one year for a loan of £500.