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Credit Union
Y Llechen Credit Union has had a presence on Anglesey since Spring 2007 with the first Collection Point in Gwelfor, Holyhead, to the latest opening in Llangefni at the end of 2008. In that time, we have signed up over 150 members on the island.
Credit Unions work by people who are connected in some way saving money together. Loans can be granted to members of the group from these funds. Y Llechen’s connection, our Common Bond, is living or working in Gwynedd or Anglesey. Interest on loans is kept low; for instance, borrowing £100 over 12 months costs under £7 in interest. There is a qualifying period of 8 weeks regular saving before members can apply for a loan, and an initial limit of double the amount saved. Members’ savings are protected – Credit Unions are regulated by the FSA.
Development is rapid at the moment, with the recent launch of a Payroll Deduction Scheme for Anglesey Council employees, the opening last Autumn of our first Junior branch at Ysgol Moelwyn in Blaenau Ffestiniog, and the receipt of our first Child Trust Fund Account. Y Llechen is run by members for members, so any ideas or support for the things you and your community would like to see happen are welcome.
To join, or for more information, just pop into Gwelfor Community Centre on a Monday 11am – 12.30am or phone 01286 678 686.