Comment: | The Forest of Dean Credit Union is a non-profit making financial co-operatives, run by volunteers for the benefit of their members and the wider local community. They promote social inclusion by offering low-cost financial services to all, encouraging people to manage their money better and by introducing them to new life skills and training. Members are required to save regularly, whatever they can afford; regularity is much more important than the amount. Payments can be made at community collection points or via standing order. Savers are paid an annual dividend on their savings. Adult members are eligible to apply for a loan once they have saved regularly. Loans are repaid at an interest rate of 1% per month (12.68% APR) on the reducing balance of the loan, and according to a plan tailored to the members needs. |
