Shetland Islands Credit Union is a newly-established credit union which is a member-owned financial co-operative which offers a genuine ethical alternative to High Street banks and loan companies. It provides a range of savings products and competitive affordable credit to anyone who lives or works in Shetland.
Credit unions have an excellent track record of bringing considerable benefits and advantages to local communities and those in need of financial assistance and support.
What is a Credit Union?
A credit union is a not-for-profit financial institution dedicated to serving the needs of its members.
All credit unions are governed by a Board of Directors, elected by and from its membership. Credit unions are made up of people with a common bond, something that draws them together - where they live, where they work, etc. When someone joins a credit union, they open a share account to become part owner of the credit union.
Since credit unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend
Credit Unions are an ethical source of financial services and help communities grow by keeping money in the local economy, as well as being a key player in tackling financial exclusion.
There are currently about 54,000 credit unions in 97 countries serving more than 186 million people. We look forward to being of service to you.