Credit Union
Provides Low Cost Loans and Regular Savings at a Local Collection Point
What is Torfaen Credit Union?
Torfaen Credit Union is a community-based financial co-operative that provides straightforward, affordable financial services to a growing number of people in Torfaen. Each member makes regular payments into a range of savings accounts - this fund then provides the basis for preferential rate loans. The income generated by lending helps us meet our operating expenses, build our reserves and pay our savers an attractive annual dividend.
Our members are encouraged to save for their future, and in return they receive affordable credit, free insurance on savings and loans, financial advice and a healthy return on their money.
The credit union's mission is to provide its members with access to reasonably priced financial services and encourage the development of good financial practice.
How it Works
When you join a credit union, you agree to make regular savings every week, fortnight or month.
This can be as little or as much as the member can afford. Thus the basics of the way a Credit Union works is that:-
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Members save in a common fund
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This fund provides low interest loans to members (currently 6.6% approx flat rate, 12.68%
APR)
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The interest generated from loans covers administration costs
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Any surplus returned to members as a dividend
Who can Join?
All Credit Unions operate within designated area's, whether community, industrial or both. This area is defined by what is known as a 'Common Bond'. Torfaen Credit Union is a 'live and work' credit union and is able to accept membership applications from anyone living or working within the Borough of Torfaen (NP4 - NP44 postcodes).
Membership is also available to people living in the same household who are related to an existing eligible member.
If you are unsure about your eligibility to join please call our office on 01495 750020 or e-mail us at info@torfaencreditunion.co.uk| or visit the Credit Union Website|
How do I Join?
Call in at a local Collection Point there is one at the Power Station, St Dials, Cwmbran every Tuesday between 10.00 am and noon. At the Collection point you will need to fill in an application form and provide proof of identity and address.
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Identity
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Address
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Passport
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Recent Utility Bill
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Full Driving Licence
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Recent Bank Statement
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Original letter from Benefit Agency
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Council Tax Bill
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Inland Revenue Tax Notification
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LA Rent Card or Tenancey Agreement
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Benefits to Employers
All Torfaen Credit Union members benefit from FREE Life Insurance on their savings and Loans.
Torfaen Credit Union will foster a spirit of community amongst the workforce it serves.
Torfaen Credit Union membership can provide the ease of saving through payroll deduction, a benefit that helps employers to recruit and retain staff.
The participating employer will benefit from the good publicity gained from supporting this local financial initiative aimed to support all employees and to assist in tackling financial exclusion.
Torfaen Credit Union can help employees to save regularly and borrow sensibly within their means.
A workforce without money worries is a happy workforce and as a result absenteeism through ill health or stress is reduced.
Partnership with Torfaen Credit Union can improve the corporate image of your company, both politically and socially as it indicates your commitment to the well-being of your employees and to the local community at large.
For minimum cost the employer gains maximum benefit
The Cost?
Minimal to the employer - all the administration of member’s accounts is done by the staff of Torfaen Credit Union. All the employer needs do is to provide free payroll deduction facilities and access to internal distribution networks for promotion of the scheme.
If you are a local organisation interested in these benefits to you and your workforce and can offer a Payroll Deduction facility, or you would like further information, please contact us on 01495 750020.