Advantages to employers
Creating links with a local credit union has great advantages for employers. These include:
- Positioning the service as an employee benefit.
- Helping employees to save can reduce stress and sickness levels caused by debt.
- It may help to reduce requests for pay advances.
- Knowledge that the credit union is a mutual and ethical financial services organisation.
- As the credit union is local this helps to retain and circulate money in the local economy.
- There are no charges made to the employer by the credit union.
- Employees also have access to the low cost loans provided by the credit union and this helps employees avoid the new breed of pay day loan companies and money shops that again reduces the risk of debt.
The benefits to employees include:
- It’s an easy way to save.
- It’s often easier for employees to put some money aside before receiving their pay.
- Employees can save as much as they want.
- Savings can be withdrawn at any time as long as they are not secured as part of any loan agreement.
- Employees will have special access to low cost credit union loans
Membership is open to all who live or work in Tyne and Wear, Northumberland, Teesside and County Durham.
Joining Moneywise is free and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.