Scottish League of Credit Unions
The 31 Credit Unions in the SLCU are democratically controlled, member-owned financial cooperatives, promoting thrift, providing credit at competitive rates, and generating a range of social and economic benefits. They have 42,000 individual members drawn from across the entire economic spectrum of their communities, hold £32 million in savings and make loans of £21 million.
Credit Unions at present cannot charge more than two per cent interest a month on the amount owed – an APR of 26.8 per cent – the only financial institutions in the UK to have such a cap on interest rates. The activities of credit unions:
•address social and financial exclusion,
•drive community social and economic development,
•offer an alternate corporate structure to the main street consumer financial institutions,
•generate rewards for members and local communities.