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2 Shires Credit Union

Credit unions aim to help people take control of their money by encouraging them to save what they can, and borrow only what they can afford to repay. They are community savings and loan cooperatives, where members pool their savings to lend to one another and help to run the credit union.

2 Shires Credit Union was established in June 2000 as Worksop & District Credit Union. Since then the Credit Union has offered people a friendly way to save and borrow. We offer a service for local people and over the years have allowed local people to save and borrow at an affordable rate.

Anyone who lives or works in the area (see map on the website) is able to join 2 shires. The way to join 2shires is to provide identification and to pay a one off, non-refundable joining fee of just £2.

The benefits of membership are as follows:

  • Excellent way to save
  • Low cost affordable loans
  • Free life savings insurance (conditions apply)
  • Free loan protection insurance (conditions apply)
  • Authorised & regulated by Financial Services Authority (FSA)
  • Covered by the Financial Services Compensation Scheme (FSCS)
  • Financial Ombudsman Scheme

These are the following saving schemes:

Savings

The Credit Union offers flexible savings to suit your needs. You can save as much or as little and as often as you like.

Save from £1 per week. The maximum savings a member can hold in the Credit Union is £10,000.

As well as regular savings accounts, 2 Shires Credit Union offers Christmas and Holiday savings accounts to help plan for that special occasion and also Junior savings accounts.

Christmas and Holiday savings

Members of the Credit Union also have the opportunity to open a Christmas or Holiday Savings account. The member will nominate a month that a withdrawal can take place and the money will be kept in this account until this agreed date.

Junior Savers

2 Shires Credit Union also offer a Junior Saver Account.

Children (under 18) can start saving and watch their money grow. Save up to a maximum of £10,000, parental control over the account up until the age of 18 when the junior saver becomes a full member.

And here are the loans and repayment options:

Loans

2 Shires Credit Union offers two types of loans, SAVER loans and SMART loans.

The SAVER loan is available after saving regularly for a minimum of 8 weeks. The interest rate is 12.7% APR (conditions apply).

SMART loans are available to non savers at an interest rate of 26.8% APR. When applying for a SMART loan, 2 Shires Credit Union will assess your income and expenditure and will only lend to those that can afford to make repayments.

Saver loans
  • Saved regularly for at least 8 weeks
  • 1½ times level of savings for first loan
  • Interest calculated at 1% per month on outstanding balance
  • No hidden charges for early repayment
S.M.A.R.T Loans
  • Income & Expenditure proof
  • Interest calculated at 2% (as above)
  • No hidden charges for early repayment

Loan Repayments

How can I repay my loan?

There a number of ways that you can repay your loan including:

  • Cash (over the counter at our office in Worksop or at any local collection point)
  • Standing order
  • Payroll deduction (participating employers - ask for details)
  • Child Benefit
  • DLA (smaller amount)
  • Carers Allowance


 
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