What is a Credit Union?
The main aim of the credit union is to encourage its members in the habit of regular savings - and to make safe and affordable loans to members for whom the more expensive facilities on the High Street may be beyond their reach. We want to help them avoid high rates of interest charged by 'doorstep lenders'.
The First Dorset Credit Union Ltd is a local community support project first started by a group of volunteers in Dorchester seven years ago; it is run by a Board of volunteer directors elected from among its membership, and is supported by local councils, Housing Associations and Citizens Advice Bureaux.
Who is it for?
It is for all of us! Everybody who lives or works in the Common Bond area can join. It is owned and controlled by the members, whose elected representatives run it for the benefit of all.
People join the credit union for many reasons. Some join because they want a secure place to hold their savings; some join because they need the help of the credit union to overcome financial hardship; some join because they want their savings to help support their community – others because they want to volunteer their time to benefit others.
Clare's Story
"A couple of years ago I needed a £300 loan, I rang a local lending company and was persuaded to sign their contract. Two days later I had second thoughts about their high interest rate and cancelled the contract under the cooling off clause."
"I was then pestered for two days by their representative who just would not take no for an answer; eventually I had to change my phone number before they gave up."
"When I later joined First Dorset Credit Union, they couldn't have been more helpful. Without any pressure they agreed a repayment plan I could afford - and at a much lower rate of interest; I could also reschedule my payments with them if I had a problem later on."
"I wish I had heard of them first!"
Clare