Loans

Most credit unions come into their own for loans of smaller amounts, under £3,000. Many people who borrow these amounts would otherwise only be able to resort to doorstep lending or payday loans as an alternative. Compared to those, credit unions have halos. See the loans section below for more info.

You can also use the loan to buy white goods via the Smarterbuys scheme. This is a collective buying project that allows you to pay for goods via a credit union loan as a way to avoid payday loans, weekly payment stores or loan sharks.

Savings

All unions offer some form of savings account. The difference between these and high street accounts is that credit union savings often pay you a dividend, which is dependent on how well the credit union's done that year, rather than a confirmed interest rate. See the savings section below for more information.

Current accounts

Some credit unions offer current accounts. If your union provides a bank account facility, it'll operate very much like a Basic Bank Account.

Mortgages

These are only offered by a few credit unions, Glasgow, Scotwest & Capital Credit Unions (all in Scotland) and No 1 Copperpot Credit Union (for police staff). However, never pick a mortgage without looking at the whole market. See Cheap Mortgage Finding for how to locate the best deal.

Prepaid cards

Around 40 unions around the UK offer a prepaid card service. See the Prepaid Cards guide for how the cards work.