What if I want to invest? We would be delighted if you wanted to invest! There is no minimum, but there is a maximum per person of £5000. You will be helping to provide the fund from which borrowers can borrow, your money is safe. You can withdraw it when you like. A dividend is paid each year on the value of your total savings See www.firstdorsetcreditunion.co.uk for more details.

First of all, you must show a pattern of consistent saving before you can borrow [anything from as little as 50p per week]. A couple of months would be a normal period of saving.
However there are some people who need a small loan desperately when they come to us and it is possible under certain circumstances for us to lend more quickly to people who qualify.

You can also continue saving as you are repaying your loan so that at the same time as your loan is decreasing, so your savings are increasing.

It you take out a loan you will have to sign an agreement saying how you intend to repay and over what period - maximum three years usually.

See www.firstdorsetcreditunion.co.uk for more details.

If I save with the Credit Union is my money safe?

Yes it is. First Dorst Credit Union Ltd is a member of the Association of British Credit Unions Limited and is registered with and regulated by the Financial Services Authority. These legal requirements are very strict - just as strict as they are for a High Street bank.

Credit Unions have comprehensive insurance cover in case of trouble, but none has gone bankrupt in the 130 years they have been going.

If you are a saver you can also get your money back easily at any time, simply by asking.

See www.firstdorsetcreditunion.co.uk for more details.

What about bad debts?

Because in effect, people are borrowing from others that they may know, there is very little defaulting on debts. If borrowers get into difficulty on repayments, loans can be rescheduled. The important thing is to let the Credit Union know as soon as possible, so that things do not get out of hand.

There are of course a few rare occasions when people do not pay back. The Credit Union might then have to resort to the law to get the money returned.

See www.firstdorsetcreditunion.co.uk for more details.