Credit Union

The Madeley, Woodside and Sutton Hill Credit Union (MWS) is a non-profit making co-operative run by local volunteers. It offers a convenient saving system to young and old and low cost loans to its adult members.

Who can join?

Anyone who lives in the parish (Madeley, Woodside, and Sutton Hill).

Who owns it

Everyone who joins the Credit Union is a co-owner and has a say in how it operates.

Is my money safe?

Yes! - everyone who handles the money or writes up the books has to be insured by law. In the event of dishonesty or robbery members' money would not be lost.

Is my business confidential?

All volunteers must sign a declaration of secrecy to keep members' information confidential.

How much do I have to save and how do I get a loan?

As little or as much as you wish. To qualify for a loan you must save regularly for about ten weeks. You can then apply for a loan which is based on your level of savings. Loan repayments are based on what you can afford to repay while still saving at the same time.

Who can borrow?

Any adult member (subject to the conditions of previous item).

How do I become a member?

Call in at the Credit Union office at Jubilee House (top of Madeley High Street), pay your membership fee of £2. You must also pay a minimum of £1 in savings (called shares).

Can children join?

Yes! - children can join and save at any age.

Who does the work?

Members themselves on a voluntary basis. Training is informal and fun; anyone can do it. You learn new skills, make new friends and at the same time help your community.

How do I benefit from being a member?

It's an easy and convenient way to save. It's a cheaper way to borrow, offering low-cost loans. You get free life insurance on your saving.

Free Life Insurance - what for?

If you were to die your loan would be paid off and your saving doubled at no extra cost. This is subject to eligibility. The person whom you nominate when you join will receive your savings and insurance benefit.

It sounds to good to be true - where's the catch?

There's no catch, joining will give you, your family, friends and community real benefits.