8 Ways Thistle Credit Union Helps You Thrive
Credit unions are more than a place to save and borrow money. They are community owned financial co-operatives working tirelessly to transform the way we bank by building a fairer and more sustainable financial future for everyone.
At Thistle Credit Union, our affordable loans, secure savings accounts and payroll savings programmes put us at the forefront of the financial fight back. Our purpose of serving people across the West of Scotland is at the heart of everything we do. Here are just a few ways we help you thrive.
1. Provide Affordable Credit
Credit unions provide affordable loans that aim to prevent their members from resorting to expensive lenders that do not do the appropriate checks which often leads to unaffordable repayments, spiralling debts and financial hardship.
At Thistle Credit Union, we include mandatory savings contributions in all of our repayment plans; ensuring our members will have a secured savings pot after their loan has been paid off which has proven to slow the cycle of borrowing.
2. Fixed Interest Rates
At Thistle Credit, our interest rates are fixed throughout the life of the loan; giving our members security and peace of knowing that their payments will never increase. This has shown to improve emotional wellbeing and quality of life as well as prevent the side effects of snowballing interest rates.
3. Encourage Regular Savings
Research shows that having a savings pot contributes to better financial and emotional wellbeing by allowing you to focus on other areas of your life such as family, work or education instead of stressing about money and at Thistle Credit Union, our automatic direct debits and payroll savings scheme encourages a habit of regular saving that aims to reduce unnecessary and harmful borrowing.
4. Promote Sensible Financial Decisions
Unaffordable debt and poor financial management plays a prominent role in increasing inequality worsened by the ongoing cost of living crisis and increase in energy costs. Thistle Credit Union promotes a culture of sensible financial decisions that aim to empower our members to manage their money sustainability in order to prevent unnecessary borrowing and spiralling debts.
5. Regular Charity Donations
At Thistle Credit Union, we make regular charitable donations, mainly through our Jagpot Lottery, to causes that operate at the very heart of our community and support local people facing a range of different challenges. Recent donations include Ayrshire Hospice, Camglen Buddies and Men Matter Scotland.
6. Reduce Financial Exclusion
Thistle Credit Union is working hard to reduce the growing financial exclusion divide caused by the increase in digital banking with our six local branches, real people at the end of our phones and an individual approach to customer service.
7. Facilitate Debt Recovery
At Thistle Credit Union, we support our members to repay all of their debt by consolidating it into one manageable monthly repayment. Not only does this help improve their credit score instead of destroying it, it also ensures that those they owe money to are fully repaid.
8. Help to Build Credit Scores
By borrowing from Thistle Credit Union, you are able improve your credit score by successfully repaying our affordable fixed interest loans. This improved credit score can be used to secure future rent agreements or even a mortgage.
Why Choose Thistle Credit Union?
Thistle Credit Union was founded under the name Blantyre Credit Union in November 1991 and has been proudly affordable loans and ethical savings ever since. We’ve grown rapidly over the last 30 years and are now trusted by over 14,000 members across the West of Scotland.
Thistle Credit Union offers a genuine alternative to traditional banks through our ethical savings accounts, affordable low interest loans and not for profit approach. Contact our friendly team or follow us on our social media platforms for more information about how Thistle Credit Union can help you thrive.