District of Canterbury Credit Union was established in 2005. The institution is managed by the members of the institution and so it is termed as financial cooperative. The Credit Union is created to provide the members with loans at very low rate of interest.
At the same time, the District of Canterbury Credit Union is also promoting the habit of making savings. The institution is supervised by the and the same has provided the necessary recognition to the institution so that it can provide financial services. The money that is kept in the District of Canterbury Credit Union is totally secured by the Financial Services Guarantee program.
So the members of the institution feels safe to keep their money in the savings accounts of the Credit Union. The profits of the District of Canterbury Credit Union are divided among the members as dividend. The highest rate of dividend payment is 8%. The members are allowed to withdraw their money whenever they want. The money kept in the Credit Union by the members are used as funds by the institution.
These funds are used by District of Canterbury Credit Union to provide loans to the members at very low rate and with flexible repayment plans.
The Credit Union charges 1% interest rate on the loans. These loans are exclusively designed for the members and the approval of a loan depends entirely on the decision of a Credit Committee. These loans are more affordable than the credit provided by several other financial institutions at high rate of interest. On the other hand, the borrower is insured by the bank and if any unfortunate incident occurs, the loan amount would be repaid by the insurance company.
On the other hand, the District of Canterbury Credit Union also offers Founder Membership. This membership can be acquired by the with an investment of �1,000 at a time. The money is returned as dividends to the founder members. The founder member of the bank enjoys several other commercial benefits. The money invested in this way is also protected by the Financial Services Compensation Scheme. Contact Details District of Canterbury Credit Union Ltd.
37 St Margaret�s Street, Canterbury
Phone:0845 157 5012
Last Updated on : 27th June 2013