The Credit Union Difference - because my Credit Union cares
Updated: Feb 13, 2019
Credit Union members know all about the extra mile their Credit Union goes to provide a safe place to save and a great place to borrow – but it’s also the added benefits such as free Life Savings Protection and Loan Protection, that show Credit Unions really do care more.
For almost 50 years, CMutual has protected Credit Unions in the UK and Ireland throughout that time. Loan Protection and The Debt Dies with the Debtor has been a unique enhancement that highlights “The Credit Union Difference” to all members.
Put simply, it’s People Helping People in action.
Loan Protection lets Credit Unions get on with the business of being great at offering responsible loans, safe in the knowledge that if the unexpected happens, the Credit Union can look after family members at a time of need.
Members can borrow confidently, knowing that should the worst happen then their loved ones will not be left with an unexpected debt to service.
Life Savings Protection also reinforces the Credit Union Difference. At a time when other savings providers are encouraging people to continually switch, Credit Unions know that helping members to develop a regular savings pattern really makes the difference.
In fact, when nearly a third of UK workers having less than £500* in savings, Credit Unions really do make the difference. The average Credit Union balance now exceeds £1500**.
Life Savings Protection means that Credit Unions are there for families and communities across the UK, providing valuable financial support at the most difficult of times.
“The Life Savings benefit provided by CMutual gives assurance to our members that we offer reliable and valued support even at the most difficult of times. It is a highlight of our unique service in improving and protecting the financial well-being of credit union members.” Nick Laws CEO, Value Credit Union Ltd.
Both Life Savings and Loan Protection are tools that help Credit Unions encourage members to save whilst they borrow^, and this unique, cooperative approach is a real Credit Union Difference.
So next time a member wants to withdraw their hard-earned savings, let them see the benefits of borrowing and saving instead^ – it makes All The Difference!
*Hill, A; “Seven in 10 UK workers are “chronically broke” study finds”; The Guardian, January 2018
**Bank of England Credit Union Statistics, Q2 2018
^Fairbanking Foundation; Save as you borrow – Credit Unions creating good habits, February 2017