Welcome to Hafren Credit Union

Archbishop of Wales, Dr Morgan, urges the community to invest in their local credit union

“If everyone put just £10 or £20 a month into a credit union account they would no longer be seen as “poor people’s banks” and the market for pay day loan companies would be stifled” said the Archbishop, who has been a member of a credit union for many years.

“Sadly, credit unions are not part of the fabric of British society as they are in Ireland, Australia, America and Canada. If we all paid money into credit unions, say £10 or £20 a month, this would remove the image of them being poor people’s banks. This would not be a gift on our part. Money could be lent at reasonable interest rates, to people who desperately need it. Likewise, if we too fell on hard times, we could borrow.”

Background

Hafren Credit Union was formed in March 2013; replacing the former Robert Owen Montgomeryshire Credit Union, to take advantage of new opportunities offered by changes to Credit Union legislation and to offer services over a much wider common bond.

 

Hafren Credit Union

• is a not-for-profit community bank
• is backed by the Welsh Assembly Government (WAG).
• offers safe and ethical savings and loans
• is available to anyone who lives or works in Powys.

There are currently 21 credit unions in Wales. Only 2% of adults in Wales are currently members of their local Credit Union. In Ireland, 70% of people are credit union users. Here at Hafren CU we want to increase membership so we can then offer more services to our members. For example larger Credit Unions are able to offer mortgages to help people onto the property ladder. Take a look at the advert below about Credit Unions, then come on and support Powys by joining Hafren CU - your community savings and loans co-operative.

> Go to ITV Wales to watch the Credit Union advertisement

How It Works

When you open an account you become a member and a shareholder in the Credit Union. You gain access to low cost loans and are encouraged to save for the future. The interest we receive on loans pays for Hafren Credit Union’s running costs. Any surplus is paid back to our members through an annual dividend. The more members we have at Hafren Credit Union, the greater the chance that our members will receive an annual dividend, thanking you for being part of your community bank.

Services

We offer a range of financial services to our members such as:-

• Child savings accounts – never too early to save for those driving lessons, insurance and that first car
• Adult savings accounts – why not open a Christmas / holiday / fuel saving account? > click to open our Membership form
• Affordable loans
• Payroll deduction savings & loans – the money comes straight from your pay into your Hafren Credit Union account & enables you to access a preferential rate. (click to open the Loan Application form or click to open the Payroll Deduction Scheme form)
• Online banking
• PayPoint cards – for customers who prefer to save using cash


Need to borrow £1,500?
Repayment would be £21.04 per week for 18 months
Total repayment = £1,641 (for employees through payroll deduction)
Need to borrow £2,500?
Repayment would be £19.11 per week for 36 months
Total repayment = £2,980 (for employees through payroll deduction)

For more information please
Ring us on 01686 623741 or call in to see us at 20 Broad Street, Newtown SY16 2NA
Email us at office@hafrencu.org
Twitter: HafrenCreditUnion@PowysCU
Facebook: Hafren Credit Union(please login to access our group)

OPENING HOURS FROM MONDAY 19 MAY 2014

MON 19th

10am -1pm

General public

1:30 – 4.30pm

Closed

TUES 20th

10am -1pm

General public

1:30 – 4.30pm

By appointment only

WEDS 21st

By appointment only

THURS 22nd

10am -1pm

General public 1:30 – 4.30pm By appointment only

FRID 23rd

10am -1pm

General public

1:30 – 4.30pm Closed