What is a Credit Union?

"Credit unions are financial co-operatives"

An introduction to credit unions...

A credit union is a financial co-operative owned by its members. It has a volunteer Board of Directors democratically elected by the membership in AGM. Volunteers and staff run the day-to-day business of the credit union. A common bond, such as living in an area, working for an employer or being associated with a club (or a combination of them) joins all members.

The common bond of East Renfrewshire Credit Union is all those who live or work within East Renfrewshire qualify for membership.

We are a not-for profit organisation run to benefit our members.

The aim of a credit union is to encourage members to save and give them access to borrowing at low rates of interest.

General Credit Union History

Credit unions were introduced to Scotland in February 1970. The pioneer and driving force of the Scottish movement was Bert Mullen, an unemployed painter and decorator, who founded the Western Credit Union (now Drumchapel Community Credit Union Ltd.) No significant growth happened in Scotland until the 1980’s, where growth took an upsurge, and has subsequently gone from strength to strength. In Scotland there are over 120 credit unions with a combined membership of almost 125,000. Today, more and more people are discovering the credit union difference and joining the money revolution.