Customer Services
Credit Union - Merton
Merton Credit Union was launched in the Summer 2011, and from November we have an outreach worker based in our offices at The Grange, running the service every Tuesday.
There are number of benefits to residents when they sign up to Merton Credit Union. Members are encouraged to save a small amount of money every week or month to help them get into a routine of saving and become more financially secure.
Members are able to access low-cost loans, which are based on the applicant’s ability to afford repayments rather than their employment status or previous credit history.
As the union is run by members, they are more flexible and understanding of the needs of borrowers at times of financial stress.
The Croydon, Merton and Sutton Credit Union is open to anyone working or living in Merton. So plan ahead and start a credit union savings account now, and avoid big overdrafts and credit card bills later on.
The Credit Union provides:
- Secure savings
- Free life insurance
- Profit sharing
- Young savers accounts
- Cheap and flexible loans
- Flexible payments to suit you.
How will a credit union help me?
Credit unions offer a real alternative to being reliant on doorstep lenders, pawnbrokers and loan sharks and provide a secure and ethical place for savings.
Affordable loans
Many people find themselves excluded from financial services due to poor financial history, being on welfare benefits or on a low income. They may find it difficult to obtain loans, access bank or savings accounts. In times of need this often pushes people to obtain loans from other sources with very high interest rates or to using loan sharks or illegal money lenders. Credit unions offer a real alternative to this. At the same time, the credit union will promote saving as an alternative to regular borrowing.
At present, Croydon Savers Credit Union requires loan applicants to open a savings account and a percentage of all loan repayments are placed into savings. This means that when the loan is finally repaid there will also be savings available to the member. For example, a regular Christmas loan of £300 being borrowed and repaid each year, if loaned by the credit union instead; by the third year there would be £300 in savings by Christmas, so no loan would be needed.
Ethical savings
As a co-operative, credit unions have no outside shareholders so any surplus is returned to members of the credit union as a dividend on savings and a rebate on loan interest paid. This keeps money in the local area, helping to regenerate the local community. Many credit union members choose to save with credit unions knowing their savings are helping others to escape the debt and poverty trap. By encouraging savings rather than borrowing makes credit unions significantly different from other companies in the financial services sector.
To join you can download and complete this 
application form (24 KB) if you work in Merton or this application form (25 KB) if you live in Merton.
If, however, you would rather complete a paper copy of the application form, please telephone the Community Regeneration Team on the Contact Us details below
Contact us
Community Regeneration
Merton Priory Homes
The Grange
1 Central Road
Morden
SM4 5PQ
Telephone: 0300 500 3000
Email: mphcommunityregen@circle.org.uk
Related websites and other information:
Merton Neighbourhood Renewal Strategy
Croydon Credit Savers
Association of British Credit Unions Ltd
Circle energy savers
- Get handy energy-saving tips from our Energy Savers website >
- Watch our energy saving films >
House Exchange
Click house exchange website for details of how you can join the scheme and exchange your home.
