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Credit Union

A Credit Union is a not for profit financial co-operative, which offers a convenient saving and low interest loans service to its members.

Credit Union

Further information on what a credit union is:

Hillingdon Credit Union was set up in 1991

  • It's local and approachable.
  • It's an easy way for both adults and younger members to save.
  • Offers low cost loans (from 5.9% APR on a reducing balance).
  • Offers a free loan life cover up to £10,000 and 70 years old.

Who runs Credit Unions?

The credit union has a group of paid staff, a number of volunteers and a board of directors, who are all unpaid volunteers, who help to run the activities of the Credit Union and keep costs down.

The decision making group of the credit union is the Board of Directors, who are elected from the membership at the AGM. Full information available on the website

All Credit Unions are registered in accordance with government legislation. Credit Unions are required to be audited once a year and submit the accounts to its members and the Prudential Regulation Authority.

Credit Union How do I become a member?

Anyone who lives or works in Hillingdon is allowed to join. Council employees on permanent contracts can join at a preferential basis so long as they sign up for payroll deduction.

Is my business private in the Credit Union?

Yes. All officers and volunteers must sign and are bound by a declaration of confidentiality form.

Opening an account

Anyone who joins the Credit Union will be required to provide proof of identity. All members are expected to save on a regular basis. Forms are available in the office or on the website.

If you are an employee of the London Borough of Hillingdon and you leave the authority, you do not have to leave Hillingdon Credit Union. Speak to us and we can arrange for your payments to be transferred from your bank account rather than payroll.

Once a member you can remain a member for life, irrespective of where you live or work.


A minimum of £10.00 has to be saved on a monthly basis or more if the member wishes, which is deducted from your pay if you work for LBH. All new members receive a PayPoint card upon request, so that they can pay money into their credit union account at a wide range of shops and post offices. Members can also pay money into their account by standing order or via on-line banking.

The dividend paid out to members is given once a year after the AGM, the percentage of this dividend is announced at this meeting, usually held in February. The year runs from 1 October to 30 September.

Credit Union Borrowing

Smaller loans can be agreed by a loans officer quite quickly, but larger loans are considered by the Credit Committee and may take 24 hours to arrange. Loans are granted based on the ability and willingness to repay and credit checks will be made.

All loans are granted on an unsecured basis. We offer standard loans from £200 up to £7,500 and homeowner loans from £7,500 to £15,000.

Shares already saved are held in guarantee against any loan taken out.

The loan repayment period is normally up to a maximum of 60 months and members are expected to save a minimum of £10.00 a month alongside the loan repayment where the loan is below £1,000 and £20 a month for loans above £1,000.

If a member applies for a further loan before the previous loan is paid off they have to have made 6 clear payments or on their most recent loan or reduced the loan by 25% before applying.

If a member wishes to make any extra repayments at anytime they just need to pop down to the Credit Union office during office hours (Mon to Fri: 10am to 3pm). There are no charges for any early loan repayments.

Interest rates vary from 2% per month on the reducing balance (27% APR) on very small loans to 0.475% per month (5.9% APR) on our home owner loan on a reducing monthly loan balance. The rate will depend on the size of loan, your credit standing and your track record. The typical interest rate is 1% per month, 12.7% APR.   See our website for further details and to use the free loan calculator


If a member wishes to make a withdrawal from their shares/savings, they can only do so if they do not have a loan or they have enough shares/savings to cover loan and make the withdrawal.

Members need to give notice for shares/savings withdrawals.

The notice period is as follows:

£5000 plus is 60 days notice, although we are often able to make a funds transfer within 24 hours. Any amount under £5000 the Credit Union we'll endeavour to transfer funds to your account the same day the request is made.

If a member wishes to close their account there is a 30 day notice period.


You can view your account online simply by registering with us and obtaining your own personal pin number. Printed statements are sent out every 12 months.

Visiting the Credit Union office

Address: CR1, Civic Centre, High Street, Uxbridge, Middlesex UB8 1UW

Please ring the office before coming to make sure someone is available to see you.

Tel:  01895 250958 (10am to 3pm)

Email: info@HillingdonCU.co.uk

Hillingdon Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority - Firm No 213406

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Article utilities:  Bookmark and Share Print Print this page Last updated: 20 Jun 2017 at 12:09