What is a credit union ?
Your Credit Union is a financial co-operative for savings and loans, owned and run by its members. When you open an account you become a member. Members must live within the Wigan Borough. If employed by Wigan MBC, Borough Care, Education, Landfill Management, Shop Mobility, John Rigby College and Wigan & Leigh Colleges AWL NHS Trust etc. deductions can be taken direct from your payroll.
Welcome Credit Union began in 1994. Although we are supported by Wigan MBC we are an independent company and are not tied to Wigan Council or any Trade Union.
Who controls the credit union ?
You do, as a member, by electing a Board of Directors from the membership at the Annual General Meeting (usually held every February or March). All members are invited, and it is important that they attend.
Is there a fee to join ?
There is a one off initial fee of £5 which covers general administration. This will be deducted from your first payroll / savings.
Do I have a say in the running of the credit union ?
Yes. The Credit Union is run by its members. Volunteers are always welcome - please ask for details
How much must I save ?
You must save a minimum of £2.50 per week or £10 per month. If you wish to increase your savings at any time please contact the office for the necessary form.
Will I get a return on my savings ?
A dividend may be paid once a year, depending on surplus funds available. In the last two years members have received up to 3.0% untaxed dividends The more members we have and the more share savings they leave in their accounts, the more we can earn. This is then divided up between the membership. This dividend is then added to your account after our Annual General Meeting.
Are my savings safe ?
All your savings are insured at no cost to you. Our Supervisory Committee, who are Credit Union members, can come to the office at any time to inspect.
When can I appy for a loan ?
You can ask for a loan application when you have had 12 weekly or 3 monthly payroll deductions/savings.
WISE Loans are available for those who have not yet established a savings history. The maximum loan available is £500.00
How much can I borrow ?
You may ask for up to three times your share savings, up to a top limit of £10,000.00 plus your savings to a maximum of £ 10,000.00 During periods of high demand, loans may be limited. This is so that we can give more loans at busy times.
All loans have to be approved by our Loans officer / Credit Committee who look at each application to make sure that you can afford the repayments.
Please do not commit yourself to any purchase before making sure your loan has been approved.
Proof of identity and address?
Identity
Drivers licence card (which shows your picture), passport or work ID card are suitable forms of identity.
Address
For proof of address a council tax bill,utility bill or a bank statement is sufficient.
What happens to my share savings when I have a loan?
You must continue to save at least £10 per month as you repay your loan. Your savings must remain in your account as security against your loan. Your savings still belong to you but cannot be withdrawn until you have saved more than the loan you owe. So, the more you can save whilst repaying your loan, the quicker you can get at them!
What happens if I leave Wigan MBC or associate groups?
You will be able to continue your membership by bank standing order. A loan outstanding automatically becomes due for payment, unless an agreement has been made with Welcome Credit Union to continue paying by bank standing order.
Promoting your credit union.
Letting your family,friends and work colleagues know about the credit union is one of the best ways of helping us grow. The more savers we have means more loans granted and more dividend on your share savings!
Looking to the future
We as a CU are committed to growth. The bigger we are the more services we can offer to you our members. To grow we need more members who save regularly. This creates more assets which we can offer to members as loans. We also need more VOLUNTEERS to enable us to keep up the excellent levels of service we are providing. Develop old skills, gain new skills and make new friends!
How do I close my account?
Telephone or call in at the Credit Union office for the necessary forms to stop your payroll/savings deductions and to withdraw all your savings once deductions have ceased. We need at least four clear weeks without payroll deductions before we can release your final savings.
For enquiries regarding any of our other services please dont hesitate to contact us by telephone or by email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
