Credit Union

What is the Credit Union?

A Credit Union provides an alternative service to the high street banks and the doorstep lenders. Often those on low incomes are dependent on loan sharks and high interest lenders.

It also:

  • encourages regular saving and thrift and loans through a credit union offer a better cost alternative to ‘payday loans’
  • aims to educate members in money management and offer access to a local debt counselling service when required
  • is run by local people who have come together with the aim of taking practical action against financial exclusion.

We are proud to have been involved in the set up of North Central Bedfordshire Credit Union in 2007, which is part of Bedford Credit Union. This service enables Aragon customers, and others living in Bedfordshire, to borrow and save money without turning to doorstep lenders. The Credit Union is governed by the Financial Conduct Authority and therefore offers a safe and secure way to manage your money.

We encourage our tenants to set up ‘jam jar’ accounts to make it easy to budget for rent and other essential payment through the Credit Union.

The Credit Union is always expanding and now has Paypoints and facilities in the following locations:

  • Shefford
  • Biggleswade
  • Sandy

How do I join?

There’s a small membership fee to join the Credit Union, however, it’s free to join if you’re an Aragon resident because we’ll pay this fee. For more information about the benefits of being a member, and instructions on how to join, visit the Credit Union website or call them on 01234 346352.

Credit Union is a financial co-operative owned and controlled by its members. It offers savings and great value loans plus they are local, ethical and know what their members want.

Each credit union has a common bond which determines who can become a member. The common bond usually relates to people living or working in the local area.

Other Local Credit Unions:

  • Swan Credit Union for residents in Milton Keynes. To find out how to become a member visit the Swan Credit Union website.

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