A credit union is a financial organisation providing simple financial products such as savings and loans. They are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. There are 400 independent credit unions in Great Britain.

Credit Unions are for everybody in the community; they are not just for people who can’t get credit elsewhere or who are on benefits. Credit unions work best when all members of the community participate. Our local credit union, Kent Savers, has all monies saved up to £75,000 protected by the Financial Services Compensation Scheme. You will find branches of Kent Savers throughout the diocese hosted in churches and community centres.

Kent Savers Credit Union was set up in 2010 to provide affordable financial services to the people of Kent.

Kent Savers is a financial co-operative, owned and controlled by its own members and running on a not-for-profit basis.

The main aims are to promote saving and provide members with loans at reasonable rates, so that they feel in control of their own money.

Credit Unions consider themselves a safer and cheaper alternative to other money lending sources, including payday loans, doorstep lenders and loan sharks, and more accessible than high street banks, who can make it difficult for people with a poor credit history to borrow money.

Every credit union must have a common bond. Kent Savers is that they are here for everyone living and /or working in Kent. They aim to help revive the local economy by keeping money in the community - after all, loans to members can mean income for local shops and businesses. You must live or work within the common bond, that is the historical county of Kent - i.e. the area currently administered by Kent County Council, Medway Unitary Authority or The London Borough of Bexley.

More information can be found on Kent Savers website -  www.kentsavers.co.uk