Credit Union service for residents

Brent Housing Partnership (BHP) is always on the look out to provide appropriate additional services to our residents. The latest service is a formal partnership with Credit Union Brent and Ealing (CUBE) a local credit union.

We are aware that loan companies operate in Brent charging extortionate rates of interest and whilst a majority of our residents are able secure financial services from mainstream banks there are those that could benefit from services provided by credit unions.

CUBE, who has been serving the London Borough of Ealing for many years have now extended their area of operation to include the London Borough of Brent as well.

What are the benefits of credit unions?

• Assisting those on low incomes who are not able to open back accounts to save money
• offering savings facilities. A Credit Union account will enable residents to save regularly - they can start with as little as 50 pence
• providing a safe and convenient place to save money and access loans at a very reasonable rate of interest
• providing low cost loans in a bid to stop people turning to loan sharks when refused loans by regular banks and building societies
• unlike banks, credit unions redistribute profits to its members in the form of a regular dividend payment based on a percentage of the money individuals are saving
• offering other financial products and services such as a bill-payment facility.

Joining CUBE

Anyone that lives or works in the London Boroughs of Brent or Ealing can join the credit union provided that they show proof of address and ID.

Savings

CUBE has a number of savings accounts to assist its members in budgeting.

• Everyone has to save in the main saving account and it is the amount in this account that will determine the size of any loan, after the "Introductory Loan", that you might want to take
• we also have a holiday or special occasions account so that you can plan for your holidays, birthdays or other special events.

Loans

CUBE loans are completely fee free. We charge nothing for arranging the loan, credit checking or early repayment. Interest rates on our loans are fixed at a maximum of 2% per month of the outstanding balance but may be as little as 0.75% per month. We only charge interest on the outstanding balance of the loan so for example the interest that we would charge on a £1,000 loan repaid over 12 months would be £134.

Insurance

Our member's savings and loan accounts are covered by loan protection and life savings insurance. This means that in the event that a member dies, any outstanding loan will be repaid and their savings will be enhanced by up to 100%.

How to apply

Complete the 'New member application' form from the CUBE webpage and send back to them.

Contact details

For any queries or if you need any further information please contact CUBE:

• Telephone number: 020 8756 3864
• Fax facility: 020 8573 7958
• Email: admin@creditunionsolutions.co.uk
• Post: Bungalow, Pinkwell Lane, Hayes, Middx, UB3 1PE
• Online: CUBE