How Does it Work?

Because Credit Unions are co-operatives, they are democratically controlled and owned by their membership. As shareholders, all members have equal voting rights and an influence over Credit Union operations and service.

Haven Credit Union is managed by a Board of Directors elected from within the membership. Their role is to manage the Credit Union, to formulate policy and to ensure it is operating legally.  All our directors are trained volunteers.        We have no paid directors and no paid shareholders!

Alongside this is our Credit Committee which assesses loan applications and monitors the accounts. A Supervisory Committee acts as internal auditors to the Credit Union, reporting to the Board of Directors and the members at the Annual General Meeting. Credit Unions are regulated by the government's Financial Services Authority who require an annual audit by an external Auditor.

Credit Unions do not have hidden costs - no arrangement fees and no charges for official letters, etc. No additional charges are levied over and above the 12.68% APR interest rate on loans (1% per month on the reducing balance of the loan). 

Credit Unions and community development

Credit Unions offer a real opportunity for local people to become directly involved in their local community. They are able to take part in a piece of collective action that has the potential to make a real difference to the quality of life in their local community.

Through involvement with the Credit Union, volunteers and members are able to participate democratically in an organisation which they both own and manage and which benefits their community.

We need volunteers. Can you help?

                    Apart from our office staff, Haven Credit Union is run entirely by     
                    volunteers. 

      In order to expand our services we need your help. 

Please contact us if you have any time to spare and would like to make a real difference in our community.