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Credit unions provide affordable loans

3rd May 2015

What's all the fuss about credit unions?

Well they beat loan companies that are advertising huge APR interest rates. Do not take a loan out until you do your research about the full costs.

APR is the biggy. Amongst the lowest APR you will find is with a credit union unless its with bank of Mum and Dad.

Credit unions are run for members and if you join your local credit union to save or borrow you will get a great deal.

Check out ABCUL at

Why are they so cheap?
Run by and for members.
They cannot afford TV advertising as their rates are so low. The expenses are very low with one office in Stornoway but you can sign up a any service point in your council area. Money can be put in at any post office once you get your card. Withdrawals are easy by phone.

Recently government and churches have started to help credit unions to raise their profile but it is still a very low profile.

Councils also are trying to help them as they may help savers and borrowers due to very low APR. By the way check out the free insurance and for savers double your money paid back on savings if you die.

At local community level you can help by saving with a credit union and by the way the amount they pay is dividend not interest. but heres the deal. Recently they have paid a higher rate than most savings in bank accounts. Not a huge amount but still better than average.

Your money is protected by the same government protection as banks giveon accounts.

Check your local credit union sd almost every place in Uk has one even if they are almost unknown to you.

In Highlands and Islands the Hi-Scot Credit Union has been building membership.
See all the details at

If you do not need a loan right now join and start saving for the future events - university, car loan, house improvements. Even being a member helps the community in the long run.

So if you still do not know about why joining a credit union is a good thing then check out Hi-Scot or other credit unions and for sure check ABCUL.

Join at any service point in Highland and Islands or download a form and send it in.

Need a loan then phone them - you will not find cheaper. All the same credit checks are done but if your ok then you will find save you a lot.

SAVERS - check them out also as the dividend rate in recent times is better than many other places.

This blurb was written by Bill Fernie a local Highland Councilor for Wick and web master of this web site. Hopefully it is enough to get you thinking about saving or borrowing. Bill is also an unpaid director of Hi-Scot credit union. Credit Unions do not pay directors and all money after expenses and salaries to staff is directed to helping members.

Credit Unions struggle to get their message out about their saving and low cost borrowing so we would appreciate many shares on Facebook. There is much more information on the web sites.

I tried to keep it short and sweet but is has been hard to get this message out with tiny marketing budgets. Your help to spread the word would be appreciated.


Bill Fernie

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