An alternative way to save and borrow
Milton Keynes Credit Union (MKCU) is a financial cooperative, providing safe
savings and affordable loans to people who live or work in Milton Keynes. We
aim to offer a local alternative to traditional financial service providers.
Credit Unions are not for profit organisations, owned and run by the members.
Any surpluses are retained and a dividend may be paid to members. MKCU is
part of a worldwide movement of over 54,000 Credit Unions with 180 million
The Credit Union approach offers several advantages:
- No credit check or bank account is required to join.
- Saving is flexible and you decide how much to save
- Savings are safe, as they are protected by the Financial Services Compensation Scheme (FSCS)
- Members can save by standing order, or by cash at one of our local, community based collection points
- Once established as a saver, a member can then borrow up to three times their savings at affordable interest rates.
- There is free life assurance on savings and loans
Currently, there are illegal doorstep lenders, often called loan sharks, operating in
Milton Keynes. They prey on the most vulnerable, charging enormous interest
rates and responding to an inability to repay with violence. Their victims often end
up in a debt spiral from which they cannot escape. A strong Credit Union can
offer local people an accessible alternative.
We are safe for our members as we are regulated by the Financial Services
Authority and covered by the Financial Services Compensation Scheme. This is
important, as the worst recession in memory has left few people unaffected, Even
long-running Christmas Clubs have collapsed, affecting people’s confidence in
MKCU has been working in the city since 2006 and now has over 550 members.
To join, or for further information, visit our website, or contact us at the
Posted: 1st August 2013