Manx Credit Union Opens

Home » News » Manx Credit Union Opens
Manx Credit Union

The Manx Credit Union held its official opening on the 19th January 2017 at the credit union's offices on North Quay, Douglas. It is the first credit union to be set up on the Isle of Man and offers an alternative and ethical way for local people to save and borrow money.

Formed as a financial co-operative and run by volunteers who give their time freely, the Manx Credit Union is only open to residents of the Isle of Man. Members join by opening a share savings account which allows them to save regularly up to £5,000 in total and also gives them a say in the running of the credit union. Once they have become a regular saver, members can apply for a low-cost loan.

Unlike mainstream banks, credit unions are not for profit organisations with no external shareholders to pay. Any surplus made is reinvested in expanding the credit union's services or returned to the members as a dividend. As responsible lenders, credit unions will only make loans appropriate to an individual's circumstance and their ability to repay over an agreed timescale.

In addition to savings and loans, the Manx Credit Union will also help provide financial education and promote financial literacy to its members.

Speaking at the launch, Mr Talbot said: "The launch of the Manx Credit Union today represents a huge achievement for all the people who could see the value that such an organisation has for those living on the Isle of Man. In an age where we are encouraged to spend beyond our means on credit, and where payday loans can quickly escalate out of control, the credit union offers a way for people to nurture a savings habit and to borrow within their means.

The Manx Credit Union is open on Tuesdays and Saturdays from 10am to 2pm, and on Thursdays from 5pm to 7pm. More information is available on the website www.mcu.im, where you can also complete a membership form online, and on the facebook page www.facebook.com/ManxCreditUnion. Alternatively email info@mcu.im or call 659149

popular recent storiesAlso in the news

Cafe Lingo flyer 2019-20
Webteam: Thu 10 Oct 10:06am

Cafe Lingo is one way Promenade Methodist Church "Welcomes The Stranger".It is an English Language Cafe which aims to support newcomers to the Isle of Man for whom English is not their first language by teaching English in a relaxed way, and by helping them to learn more about day-to-day life on the Isle of Man.It is open to all — any nationality, age, faith (or no faith) or level...

Ben Commissioning
Webteam: Wed 02 Oct 12:48pm

Partnership with Cliff CollegeTuesday 1st October saw the launch of a pioneering new project as Ben Hulme was commissioned to be a Mission Intern for the churches of Union Mills, Onchan, and Baldrine.In the first project of it's kind across the Connexion, the Isle of Man Methodist Church has been working in partnership with Cliff College to create this post which will see Ben, a Cliff...

DSCF3296
Webteam: Tue 06 Aug 10:02am

We had a great time in the Peel Carnival parade, with lots of smiling helpers waving flags, the Bus ny Bannaghtyn, lots of sweets and postcards given away, and even MC Hammer blaring...

© 2014 - 2019 Methodist Isle of Man

Official website for the Methodist Church in the Isle of Man