There are a lot of myths about credit unions so to set the record straight, here are a few Myth Busters for you.
The WFCCU does
give out grants.
But we do make affordable loans and we work with our members to make sure they can repay them.
give debt advice.
If you have existing debts we can advise you on whether a credit union loan will be a cheaper option and we’ll work with you to resolve your problem. If you specifically need debt advice we’ll refer you to an appropriate agency.
an extension of the council or the DSS.
WFCCU is independent and has its own rules and criteria for membership and lending.
run on thin air.
Nor do we make a profit. We make the money we need to cover our costs from the interest on our loans and any surpluses are paid back to our savers as dividends.
a “poor man’s bank”.
Credit unions need savers and borrowers from all walks of life. This creates a cycle of money that not only covers our running costs but can be used again and again as affordable loans for the people who need them.
And we can’t give you
you might want in life.
But we can work with you to make the most of your income by helping you to save and keeping you away from loan sharks and other high interest lenders
Have something to say about this website? click here