CREDIT Unions in Fife are celebrating their silver jubilee this year and they want the public to celebrate with them, by getting involved.

The Credit Unions are going from strength to strength, with membership up from 1000 to around 10,000 over the past 10 years; and Benarty and Lochgelly; and Cardenden and Kinglassie unions have played their part. To ensure this continued success they need more support though from people like you. A credit union is a kind of co-operative where members can save or borrow money. It’s run for and by members and anyone can join.

Indeed, Cowdenbeath Area Committee is strongly supportive of the Credit Union movement which local councillors see as being a good alternative to the ‘fast loan’ financial sector.

Committee chairman, Councillor William Clarke, is a big supporter of the credit union ideal and would like to see one established in Cowdenbeath although the town is served by the Dunfermline District CU.

Councillor David Ross Council Leader said, “Fife’s credit unions have been doing great work for over 25 years. They make a very real contribution to helping people manage their money.

“The Credit Unions are a safe, secure and sensible way of saving and borrowing. I would encourage everyone in Fife to find out more about what credit unions have to offer and to consider what you have to offer credit unions through volunteering your time and any expertise you have. “ He explained that Credit Unions exist all over the world. Their strengths and benefits to individuals and local communities cannot be underestimated. They not only offer a range of savings accounts and loans to their members, but have their members’ interests at the core. They are not-for-profit organisations and are usually formed by people who have a common bond, such as living in the same area or working for the same employer.

Credit Unions are a fast-growing addition to traditional banks and building societies and a much safer and fairer way to borrow than doorstep/payday lenders.

The first credit union was set up in Ballingry in 1989. Since then four more community credit unions have opened allowing everyone who lives and works in Fife the opportunity to join. The Ballingry union developed into the Benarty and Lochgelly organisation some years ago and has outlets in Ballingry and Lochgelly.

The whole movement depends on the hardwork and commitment of the volunteer workforce and more volunteers are needed to support the continued growth.

Councillor Ross continued, “I would like to thank everyone involved in the Credit Unions throughout Fife for their commitment and hard work – especially volunteers who operate the services and those who are on their Boards. Building on the work done over the last 25 years, I would like to see the credit union movement in Fife continue to grow and prosper. To do that they need your help. Whatever your age or experience you can get involved, manage your finances and help make a difference in Fife. ” Saving with a credit union has a number of different benefits: It’s an ethical way of saving money because what you deposit is lent to other members in your credit union; You have the flexibility to save how much you like, when you like; You can make deposits in branch collection points, by standing order or directly from your wages; Over the past few years dividends/interest on savings has been around 2.5%; Some credit unions include in-built life insurance. This means that if you die your savings can be paid to a person you specify and any loans are fully repaid; Interest rates on loans can vary between from 6.9% APR to 34.5%APR with most charging 12.7% APR; and there are no charges for early repayment.