Newport Credit Union has nearly 2500 members and they are growing all the time. They operate from the main office in Newport City Centre but have various collection points
Newport Credit Union is a community based financial cooperative and provides straightforward, affordable financial services to a growing number of people in the City. Unlike the average high-street lender a Credit Union is there to solely serve its members and community. Each member makes regular payments into a savings account, this fund then provides the basis for preferential rate loans. They charge a low interest rate which helps us meet the operating expenses, build the reserves and in the future pay the savers an attractive annual dividend.
The members are encouraged to save for their future, and in return they receive affordable credit, free insurance on loans, financial advice and, when possible, a healthy return on their money. Thus the basis is that members save in a common fund.
The Credit Union's mission is to provide its members with access to reasonably priced financial services and encourage the development of good financial practice.
Members of Newport Credit Union come from varying backgrounds, from those on low incomes to members with well paid jobs. They welcome all ages, from birth onwards to save with us, and anyone over the age of 18 is able to apply for a loan.
Newport Credit Union is run by a volunteer board. This board gets elected at the AGM, which is open to anyone who is a member. They rely on the local volunteers who give up their time to help out in local communities. They have a small number of staff, and together with the volunteers they are committed to looking after the day to day needs of the members and ensuring the continuing success of the Credit Union on a whole.