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Mythbusting
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
NOT
give out grants.
But we do make affordable loans and we work with our members
to make sure they can repay them.
We
DON’T
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.
We are
NOT
an extension of the council or the DSS.
WFCCU is independent and has its own rules and criteria for
membership and lending.
We
DON’T
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.
We are
NOT
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
EVERYTHING
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
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